Document ID: chunk:federal_register_of_legislation:F2015L00068:front:0:p54
Version: federal_register_of_legislation:F2015L00068
Segment Type: other
Provision Reference: 
Character Range: 137871–140580

in Part 2 of Schedule 2 is an ineligible deduction.

Division 2.2 Ineligible parts of deductions

5 Ineligible part of certain superannuation contributions

 (1) For subsection 52ZZO (5) of the Act, this section applies if a company or a trust makes a superannuation contribution that:
 (a) is an allowable deduction in accordance with subsection 82AAC (1) of the ITAA 1936 (the allowable deduction); and
 (b) exceeds the applicable minimum benefit required to be vested in the member by the superannuation fund conditions.

 (2) For subsection 52ZZZO (5) of the Act, this section applies if an entity that carries on a primary production enterprise makes a superannuation contribution that:
 (a) is an allowable deduction in accordance with subsection 82AAC (1) of the ITAA 1936 (the allowable deduction); and
 (b) exceeds the applicable minimum benefit required to be vested in the member by the superannuation fund conditions.

 (3) The amount by which the allowable deduction mentioned in subsection (1) or (2) exceeds the relevant applicable minimum benefit is an ineligible part of the allowable deduction.

6 Ineligible part of amount of salary or wages

 (1) For subsection 52ZZO (5) of the Act, this section applies if:
 (a) a company or a trust pays a wage or salary (the amount paid) to an individual (the wage or salary earner) who is:
 (i) an attributable stakeholder of the company or trust; or
 (ii) an associate, within the meaning of paragraph 52ZQ (1) (e), (h), (i) or (j) of the Act, of an attributable stakeholder of the company or trust; and
 (b) the amount paid is an allowable deduction of a kind mentioned in paragraph 52ZZO (1) (a) of the Act; and
 (c) the amount paid exceeds an amount that represents reasonable remuneration for the wage or salary earner having regard to:
 (i) the period to which the amount paid relates; and
 (ii) the work performed by the wage or salary earner during that period; and
 (iii) the relevant qualifications or skills of the wage or salary earner; and
 (iv) remuneration paid to individuals, with comparable qualifications or skills, performing work that is comparable to that performed by the wage or salary earner; and
 (v) other relevant circumstances affecting the employment of the wage or salary earner.

 (2) For subsection 52ZZZO (5) of the Act, this section applies if:
 (a) a company or trust that carries on a primary production enterprise pays a wage or salary (the amount paid) to an individual (the wage or salary earner) who is:
 (i) an attributable stakeholder of the company or trust; or
 (ii) an associate, within the meaning of paragraph 52ZQ (1) (e), (h), (i) or (j) of the Act, of an attributable stakeholder of the company or