Document ID: chunk:federal_register_of_legislation:C2004A04637:body:0:p11
Version: federal_register_of_legislation:C2004A04637
Segment Type: other
Provision Reference: 
Character Range: 27538–30373

342(3) of that Act in relation to the fund by the end of 12 months after the Commissioner of Taxation makes the assessment, or by such date as is prescribed by the regulations, whichever is the earlier; or

  (B) if the anticipated notice, or any of the anticipated notices, is a notice under subsection 342(7) of the SIS Act—any thing required to be given in relation to the notice under regulations for the purposes of that subsection by the end of 12 months after the Commissioner of Taxation makes the assessment, or by the time by which the thing is required by the regulations to be given, whichever is the earlier; or".

34. After Division 10 of Part IX of the Principal Act the following Division is inserted:

"Division 11—Tax treatment of matters relating to superannuation (financial assistance funding) levies

Definition

  "315A. In this Division:

'financial assistance funding levy' means levy imposed by regulations under section 6 of the Superannuation (Financial Assistance Funding) Levy Act 1993.

Deduction for financial assistance funding levy

"315B. Financial assistance funding levy incurred by a taxpayer is an allowable deduction for the year of income in which the levy is incurred.

Financial assistance exempt from income tax

"315C. A grant of financial assistance under Part 23 of the Superannuation Industry (Supervision) Act 1993 is exempt from income tax.

Repayment of financial assistance not an allowable deduction

"315D. A repayment of financial assistance under Part 23 of the Superannuation Industry (Supervision) Act 1993 is not an allowable deduction.

Amendment of assessments—remission or refund of financial assistance funding levy

"315E.(1) Section 170 does not prevent the amendment of an assessment for the purposes of giving effect to section 315B or 315C.

"(2) The following are examples of situations that could result in such an amendment being made:

     (a) the remission of the whole or a part of an amount of financial assistance funding levy;

     (b) the refund or other application of an overpayment of financial assistance funding levy.

"(3) For the purposes of section 315B, the effect of a remission of financial assistance funding levy is that the amount remitted is taken never to have been incurred.

This Division to be primary code for tax treatment of matters relating to financial assistance funding levy

  "315F. If any of the following events happen:

  (a) a taxpayer incurs financial assistance funding levy;

     (b) the remission of the whole or a part of an amount of financial assistance funding levy;

     (c) the refund or other application of an overpayment of financial assistance funding levy;

the event is to be ignored in determining:

     (d) whether an amount is included in the assessable income of a taxpayer under a provision of this