Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 295.197

Scope

  (1)   This section applies to the * superannuation provider (the successor provider ) of a * complying superannuation fund or * RSA if, apart from this section, a * roll - over superannuation benefit would be included in the assessable income of the fund or * RSA provider under item   2A of the table in subsection   295 - 190(1).

Variation notice received before return lodged

  (2)   The benefit is not so included, to the extent that the relevant contribution has been reduced by a notice under section   290 - 180, if the notice is received by the successor provider before the successor provider has lodged its * income tax return for the income year in which the benefit was transferred.

Variation notice received after return lodged

  (3)   The benefit is not so included in the assessable income for the income year in which the benefit was transferred, to the extent that the relevant contribution has been reduced by a notice under section   290 - 180, if:

  (a)   the notice is received by the successor provider after the successor provider has lodged its * income tax return for the income year; and

  (b)   the successor provider exercises the option mentioned in subsection   (4).

  (4)   An amount referred to in subsection   (3) may, at the option of the successor provider, be excluded from the assessable income of the fund or * RSA provider for the income year referred to in subsection   (3) if excluding it would result in a greater reduction in tax for that year than the reduction that would occur for the income year in which the notice is received if a deduction were allowed under item   2B of the table in subsection   295 - 490(1).

Note:   The exclusion is an alternative to the fund deducting the amount under item   2B of the table in subsection   295 - 490(1).