Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:1_5:p3
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 1 cl 5 (pt 3/23)
Character Range: 142377–145124

the provider's taxable income is equal to the *RSA component; and
 (b) this Act applies to the provider as if it had a *tax loss for the income year of an amount that would have been that loss if the RSA component were not *ordinary income or *statutory income.

 (4) The standard component is any remaining part of the *RSA's taxable income for the income year.

Subdivision 295‑I—No‑TFN contributions

Table of sections

295‑605 Liability for tax on no‑TFN contributions income
295‑610 No‑TFN contributions income
295‑615 Meaning of quoted (for superannuation purposes)
295‑620 No reduction under Subdivision 295‑D
295‑625 Assessments

295‑605  Liability for tax on no‑TFN contributions income

 (1) A *superannuation provider in relation to a *complying superannuation fund is liable to pay tax on the *no‑TFN contributions income of the fund for an income year.

 (2) A *superannuation provider in relation to a *non‑complying superannuation fund is liable to pay tax on the *no‑TFN contributions income of the fund for an income year.

 (3) An *RSA provider is liable to pay tax on its *no‑TFN contributions income for an income year.

Note 1: The tax is imposed by the Income Tax Act 1986.

Note 2: The no‑TFN contributions income is subject to a special rate of tax under the Income Tax Rates Act 1986.

Note 3: The Commissioner may make an assessment of the amount of income tax on the no‑TFN contributions income: see section 169 of the Income Tax Assessment Act 1936.

295‑610  No‑TFN contributions income

 (1) An amount included by Subdivision 295‑C in the assessable income of a *complying superannuation fund, a *non‑complying superannuation fund or an *RSA provider for an income year is no‑TFN contributions income for the year if:
 (a) it is included by that Subdivision in the assessable income of the income year of the fund or RSA provider in which 1 July 2007 occurs, or a later income year; and
 (b) it is a contribution made to the fund or *RSA on or after 1 July 2007 to provide *superannuation benefits for an individual; and
 (c) by the end of the income year, the individual has not *quoted (for superannuation purposes) his or her *tax file number to the *superannuation provider.

Exception

 (2) However, an amount is not no‑TFN contributions income if:
 (a) the contribution was made in relation to a *superannuation interest or an *RSA of the individual that existed prior to 1 July 2007; and
 (b) the total contributions made in relation to the superannuation interest or RSA for the income year that are included in assessable income under Subdivision 295‑C did not exceed $1,000.

295‑615  Meaning of quoted (for superannuation purposes)

  An individual has quoted (for superannuation purposes) a *tax file