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 1/5)
Character Range: 98038–100948

3                                                                           CSF                                The *taxable component of a directed termination payment (within the meaning of section 82‑10F of the Income Tax (Transitional Provisions) Act 1997)
                                                                            CADF
                                                                            *RSA provider

 (2) A contribution referred to in item 1 is included in the income year in which it is received if the notice is received by the *superannuation provider by the day the provider lodges its *income tax return for that income year.

 (3) Otherwise it is included in the income year in which the notice is received.

 (4) A payment referred to in item 2 or 3 is included in the income year in which it is received by the *superannuation provider.

295‑195  Exclusion of personal contributions

Variation notice received before return lodged

 (1) A contribution is not included in the assessable income of a *complying superannuation fund or *RSA provider to the extent that it has been reduced by a notice under section 290‑180 if the notice is received by the *superannuation provider before it has lodged its *income tax return for the income year in which the contribution was made.

Variation notice received after return lodged

 (2) A contribution is not included in the assessable income of a *complying superannuation fund or *RSA provider for the income year in which the contribution was made to the extent that it has been reduced by a notice under section 290‑180 if:
 (a) the notice is received by the *superannuation provider after it has lodged its *income tax return for the income year; and
 (b) the provider exercises the option mentioned in subsection (3).

 (3) An amount referred to in subsection (2) may, at the option of the provider, be excluded from the assessable income of the fund or *RSA provider for the income year referred to in subsection (2) 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 2 of the table in subsection 295‑490(1).

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

Transfers from foreign funds

295‑200  Transfers from foreign superannuation funds

 (1) The assessable income of a fund that is an *Australian superannuation fund for the income year includes an amount transferred to the fund from a fund that was a *foreign superannuation fund for the income year in relation to a member of the foreign fund to the extent that the amount transferred exceeds amounts vested in the member at the time of the transfer.

 (2) The assessable income of a fund that is a *complying superannuation fund for