Document ID: chunk:federal_register_of_legislation:C2025C00029:section:6:p2
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 6 (pt 2/3)
Character Range: 4665152–4667839

the regulations.
 (2B) The amount is the amount a *complying superannuation fund could reasonably be expected to pay in an *arm's length transaction to obtain an insurance policy specified in the regulations.

Actuary's certificate
 (3) The trustee must obtain an *actuary's certificate before the date for lodgment of the fund's *income tax return for the income year in order to deduct an amount referred to in item 6 of the table or in subsection (2).
 (3A) Subsection (3) does not apply to an amount referred to in item 6 of the table in relation to an insurance policy premium, if the trustee deducts, under that item, only the proportion (if any) of the premium specified in the regulations made for the purposes of subsection (1B).

Choice not to deduct amounts under this section
 (4) The trustee may choose not to deduct amounts under this section for an income year and to deduct instead (under section 295‑470) amounts based on the fund's future liability to pay the benefits.
 (5) The choice applies also to future income years unless the Commissioner decides that it should not.

295‑470  Complying funds—deductions for future liability to pay benefits
 (1) A *complying superannuation fund can deduct an amount under this section for an income year if:
 (a) the trustee of the fund makes a choice under subsection 295‑465(4) and the choice applies to the income year; and
 (b) the trustee pays:
 (i) a benefit referred to in paragraph 295‑460(a), (aa) or (b) for the income year in consequence of the termination of a member's employment; or
 (ii) a benefit referred to in paragraph 295‑460(c).
 (2) The amount the fund can deduct is:
where:
benefit amount is:
 (a) for a benefit that is a *superannuation lump sum—the amount of the lump sum; or
 (b) for a benefit that is a *superannuation income stream—the *value of the *superannuation interest supporting the income stream; or
 (c) for a benefit referred to in paragraph 295‑460(c)—the total of the amounts paid during the income year.
future service days is the number of days in the period starting when:
 (a) the termination happened; or
 (b) for a benefit referred to in paragraph 295‑460(c)—the member became unable to engage in *gainful employment;
and ending on the 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