Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:1_3:p1
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 1/4)
Character Range: 113831–116669

3                                        *RSA provider  A bonus on a *life insurance policy that is an *RSA (except a reversionary bonus)

Subdivision 295‑F—Exempt income

Table of sections

295‑385 Income from assets set aside to meet current pension liabilities
295‑390 Income from other assets used to meet current pension liabilities
295‑395 Meaning of segregated non‑current assets
295‑400 Income of a PST attributable to current pension liabilities
295‑405 Other exempt income
295‑410 Amount credited to RSA

295‑385  Income from assets set aside to meet current pension liabilities

 (1) The *ordinary income and *statutory income of a *complying superannuation fund for an income year is exempt from income tax to the extent that:
 (a) it would otherwise be assessable income; and
 (b) it is from *segregated current pension assets.

Exception

 (2) Subsection (1) does not apply to:
 (a) *non‑arm's length income; or
 (b) amounts included in assessable income under Subdivision 295‑C.

Meaning of segregated current pension assets

 (3) Assets of a *complying superannuation fund are segregated current pension assets at a time if:
 (a) the assets are invested, held in reserve or otherwise dealt with at that time solely to enable the fund to discharge all or part of its liabilities (contingent or not) in respect of *superannuation income stream benefits that are payable by the fund at that time; and
 (b) the trustee of the fund obtains an *actuary's certificate before the date for lodgment of the fund's *income tax return for the income year to the effect that the assets and the earnings that the actuary expects will be made from them would provide the amount required to discharge in full those liabilities, or that part of those liabilities, as they fall due.

 (4) Assets of a *complying superannuation fund are also segregated current pension assets of the fund at a time if the assets are invested, held in reserve or otherwise being dealt with at that time for the sole purpose of enabling the fund to discharge all or part of its liabilities (contingent or not), as they become due, in respect of *superannuation income stream benefits:
 (a) that are payable by the fund at that time; and
 (b) prescribed by the regulations for the purposes of this section.

 (5) Subsection (4) does not apply unless, at all times during the income year, the liabilities of the fund (contingent or not) to pay *superannuation income stream benefits payable by the fund were liabilities in respect of superannuation income stream benefits that are prescribed by the regulations for the purposes of this section.

295‑390  Income from other assets used to meet current pension liabilities

 (1) A proportion of the *ordinary income and *statutory income of a *complying superannuation fund that would otherwise be assessable