Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:1_3:p2
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 2/5)
Character Range: 100726–103557

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 the income year includes so much of an amount transferred to the fund from a fund that was a *foreign superannuation fund for the income year as is specified in a choice made by a former member of the foreign fund under section 305‑80.

 (3) The amount is included in the income year in which the transfer happens.

Application of tables to RSA providers

295‑205  Application of tables to RSA providers

  The tables in this Subdivision apply to *RSA providers only to the extent that amounts are paid to *RSAs they provide.

Former constitutionally protected funds

295‑210  Former constitutionally protected funds

 (1) This section applies to a *complying superannuation fund for an income year if the fund ceased to be a *constitutionally protected fund during the year or at the end of the previous year.

 (2) The assessable income of the fund for the income year includes the sum of the *roll‑over superannuation benefits to the extent that they consist of the *element untaxed in the fund of the *taxable component that would be included in that assessable income if all contributions and earnings accumulated in the fund when the fund ceased to be a *constitutionally protected fund:
 (a) had been paid out of the fund immediately before it ceased to be a constitutionally protected fund; and
 (b) were paid to the fund as roll‑over superannuation benefits immediately after that time.

Subdivision 295‑D—Contributions excluded

Table of sections

295‑260 Transfer of liability to investment vehicle
295‑265 Application of pre‑1 July 88 funding credits
295‑270 Anticipated funding credits

295‑260  Transfer of liability to investment vehicle

 (1) The *superannuation provider in relation to a *complying superannuation fund or a *complying approved deposit fund (the transferor) may reduce the amount that would otherwise be included in the fund's assessable income for an income year under Subdivision 295‑C by agreement with another entity (the transferee) in which it holds investments.

What the transferee must be

 (2) The transferee must be a *life insurance company or a *pooled superannuation trust.

Note: Amounts transferred are included in the transferee's assessable income: see section 295‑320 (for PSTs) and paragraph 320‑15(1)(i) (for life insurance companies).

Agreement requirements

 (3) The transferor may make one agreement only for an income year with a particular transferee.

 (4) An agreement:
 (a) must be in writing, and must be signed by or for the transferor and transferee; and
 (b) must be made by the day the transferor lodges its *income tax return for its