Document ID: chunk:federal_register_of_legislation:C2016C00475:clause:1_266:p5
Version: federal_register_of_legislation:C2016C00475
Segment Type: clause
Provision Reference: sch 1 cl 266 (pt 5/5)
Character Range: 89239–91261

that, apart from this section, would be the assessable income of the ADF of the income year (other than non‑arm's length income or amounts included in assessable income under Subdivision 295‑C of the Income Tax Assessment Act 1997) consists of any one or more of the following:
 (i) interest or a payment in the nature of interest;
 (ii) any profit arising on the disposal, redemption, cancellation or maturity of a CGT asset referred to in paragraph 295‑85(3)(b) of the Income Tax Assessment Act 1997;
 (iii) an amount included in assessable income under Division 16E of Part III of the Income Tax Assessment Act 1936;
 (b) at no time during the year of income did the assets of the fund consist of or include any of the following:
 (i) units in a PST;
 (ii) virtual PST life insurance policies (as defined in the Income Tax Assessment Act 1997) issued by a life insurance company.
original 25 May balance, in relation to an eligible depositor, means the amount of the deposits (together with accumulated earnings) standing to the credit of the depositor as at the end of 25 May 1988.
reckoning time, in relation to an ADF in relation to an income year, means the beginning of the income year, or such other time during the income year as the ADF chooses in accordance with subsection (4).
 (6) This section does not apply to an ADF in relation to an income year unless the whole of the benefit that would accrue to the ADF from the application of this section in relation to the income year has been, or can reasonably expected to be, passed on to eligible depositors.

Subdivision 295‑G—Deductions

Table of sections
295‑465 Deductions for insurance premiums

295‑465  Deductions for insurance premiums
  An election made by the trustee of a complying superannuation fund under subsection 279(4) of the Income Tax Assessment Act 1936 that had effect for the income year of the fund in which 30 June 2007 occurs continues to have effect as if it had been made under section 295‑465 of the Income Tax Assessment Act 1997.