Document ID: chunk:federal_register_of_legislation:C2025C00014:clause:2d_2:p2
Version: federal_register_of_legislation:C2025C00014
Segment Type: clause
Provision Reference: sch 2D cl 2 (pt 2/9)
Character Range: 2176250–2179110

of the Income Tax Assessment Act 1997 to the subject asset or the corresponding liability for the subject asset.

57‑33  Division 230 financial arrangements—transition taxpayer's right to receive or obligation to provide payment
 (1) This section applies in relation to the following:
 (a) an asset covered by subsection 57‑25(1) to which section 57‑32 applies;
 (b) the corresponding liability for a right, or other asset, covered by subsection 57‑30(1) to which section 57‑32 applies.
Note: Section 57‑32 applies if the asset or liability is or is part of a Division 230 financial arrangement.
 (2) For the purposes of section 230‑60 of the Income Tax Assessment Act 1997, assume the following:
 (a) in the case of an asset—that the transition taxpayer acquired the asset at the transition time in return for the transition taxpayer starting to have an obligation to provide one or more financial benefits in relation to the Division 230 financial arrangement;
 (b) in the case of a liability—that the transition taxpayer started to have the liability at the transition time in return for the transition taxpayer starting to have a right to receive one or more financial benefits under the Division 230 financial arrangement.

57‑35  Interpretation
  In this Subdivision:
asset means property, or a right, of any kind, and includes:
 (a) any legal or equitable estate or interest (whether present or future, vested or contingent, tangible or intangible, in real or personal property) of any kind; and
 (b) any chose in action; and
 (c) any right, interest or claim of any kind including rights, interests or claims in or in relation to property (whether arising under an instrument or otherwise, and whether liquidated or unliquidated, certain or contingent, accrued or accruing); and
 (e) a CGT asset;
but does not include trading stock.
liability includes a duty or obligation of any kind (whether arising under an instrument or otherwise, and whether actual, contingent or prospective).

Subdivision 57‑F—Superannuation deductions

57‑40  Contributions under defined benefit superannuation schemes
 (1) This section applies to a deduction allowable apart from this Subdivision to the transition taxpayer under section 290‑60 of the Income Tax Assessment Act 1997 for a contribution made to a fund in relation to a person if:
 (a) the person was an employee of the transition taxpayer at any time before or after the transition time; and
 (b) the contribution was made under a defined benefit superannuation scheme (within the meaning of section 6A of the Superannuation Guarantee (Administration) Act 1992).

Deduction allowable only if sum of all deductions exceeds defined benefit threshold amount
 (2) The deduction is not allowable for a year of income if the sum of all deductions of the transition taxpayer to which this section applies for the year