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 1/2)
Character Range: 122747–125669

3               *RSA provider     Part of an amount credited to the *RSA (worked out under section 295‑410) where a pension (within the meaning of the Retirement Savings Accounts Act 1997) was paid from the RSA for part of the period in the income year that the RSA existed

295‑410  Amount credited to RSA

  For item 3 of the table in section 295‑405, the part of the amount credited to the *RSA that is *exempt income is worked out by:
 (a) multiplying the amount by the number of days in the income year for which the pension (within the meaning of the Retirement Savings Accounts Act 1997) was paid; and
 (b) dividing the result by the number of days in the income year that the RSA existed.

Subdivision 295‑G—Deductions

Table of sections

Death or disability benefits

295‑460 Benefits for which deductions are available
295‑465 Complying funds—deductions for insurance premiums
295‑470 Complying funds—deductions for future liability to pay benefits
295‑475 RSA providers—deductions for insurance premiums
295‑480 Meaning of whole of life policy and endowment policy

Increased amount of superannuation lump sum death benefits

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

Other deductions

295‑490 Other deductions

Certain amounts cannot be deducted

295‑495 Amounts that cannot be deducted

Death or disability benefits

295‑460  Benefits for which deductions are available

  Sections 295‑465 (about deductions for complying funds for insurance premiums), 295‑470 (about deductions for complying funds for future liability to pay benefits) and 295‑475 (about deductions for *RSA providers for insurance premiums) apply to these benefits:
 (a) a *superannuation death benefit;
 (b) a *disability superannuation benefit;
 (c) a benefit consisting of an amount payable to a person under an income stream because of the person's temporary inability to perform normal employment duties, that is payable for no longer than:
 (i) 2 years; or
 (ii) if an approval under section 62 of the Superannuation Industry (Supervision) Act 1993 is in force for benefits of that kind and the approval specifies a longer maximum period—that longer period; or
 (iii) if there is no such approval in force—a longer period allowed by the Commissioner.

Note 1: The fund can deduct amounts in relation to these benefits under either section 295‑465 or 295‑470, but not both.

Note 2: The taxable component of the superannuation lump sums will contain an element untaxed in the fund: see section 307‑290.

295‑465  Complying funds—deductions for insurance premiums

 (1) A *complying superannuation fund can deduct the proportions specified in this table of premiums it pays for insurance policies that are (wholly or partly) for current or contingent liabilities of the fund to provide benefits referred to in section 295‑460 for its members. It can deduct the amounts for the income year