Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:1_6:p2
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 1 cl 6 (pt 2/3)
Character Range: 129478–132126

member's *last retirement day.

total service days is the sum of future service days and the number of days in:
 (a) for a benefit that is a *superannuation lump sum—the *service period for the superannuation lump sum; or
 (b) for another benefit—the period ending on the first day of the period to which the first payment of the benefit relates and starting on the earliest of:
 (i) the day on which the member joined the relevant *superannuation fund; and
 (ii) the first day of the period of employment to which the benefit relates (including a qualifying period before the member could join the fund and any period when the member was not a member of the fund); and
 (iii) the day applicable under subsection (3).

 (3) The applicable day is the first day of the *service period for a *superannuation lump sum that is a *roll‑over superannuation benefit if all or part of the *value of the other benefit is attributable to the roll‑over superannuation benefit.

295‑475  RSA providers—deductions for insurance premiums

  An *RSA provider can deduct premiums it pays for insurance policies that are wholly for its liability to provide benefits referred to in section 295‑460 for its *RSA holders. It can deduct the amounts for the income year in which the premiums are paid.

Note: If the RSA provider receives a rebate or refund of an insurance premium, the amount may be included in its assessable income: see table item 5 in section 295‑320.

295‑480  Meaning of whole of life policy and endowment policy

 (1) A whole of life policy is an insurance policy:
 (a) that includes an investment component; and
 (b) the premiums for which are not dissected; and
 (c) where the sum insured (and any bonuses) are payable on:
 (i) the death of the individual insured; or
 (ii) the earlier of the death of the individual insured and the individual attaining the age specified in the policy (being at least the age of 85).

 (2) An endowment policy is an insurance policy:
 (a) that includes an investment component; and
 (b) the premiums for which are not dissected; and
 (c) where the sum insured (and any bonuses) are payable on:
 (i) a day specified in, or worked out under, the policy; or
 (ii) the death of the individual insured if that happens before that day;
but does not include a *whole of life policy.

Increased amount of superannuation lump sum death benefits

295‑485  Deductions for increased amount of superannuation lump sum death benefit

 (1) An entity that is a *complying superannuation fund, or a *complying approved deposit fund, and has been since 1 July 1988 (or since it came into existence if that was later) can deduct