Document ID: chunk:federal_register_of_legislation:C2010C00648:clause:9_533b
Version: federal_register_of_legislation:C2010C00648
Segment Type: clause
Provision Reference: sch 9 cl 533B
Character Range: 174242–175296

533B  Deduction for overseas superannuation transfers

 (1) If:
 (a) a taxpayer has an interest in a FIF that is an eligible non‑resident non‑complying superannuation fund (the paying fund); and
 (b) the paying fund transfers an amount to a complying superannuation fund in respect of the taxpayer; and
 (c) the taxpayer elects under subsection 27CAA(3) that the amount, or part of the amount, is to be treated as a taxable contribution of the complying superannuation fund; and
 (d) immediately before the transfer happens, there is a FIF attribution surplus for the paying fund under section 604 in relation to the taxpayer;
then the taxpayer is entitled to a deduction, for the year of income in which the transfer happened, for the lesser of:
 (e) the FIF attribution surplus; and
 (f) the amount covered by the taxpayer's election.

 (2) In this section:

complying superannuation fund has the same meaning as in Part IX.

eligible non‑resident non‑complying superannuation fund has the same meaning as in Subdivision AA of Division 2 of Part III.