Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:1_5:p5
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 1 cl 5 (pt 5/23)
Character Range: 147324–150119

the *no‑TFN contributions income (if any) of the provider (or to be an assessment that no tax is payable).

 (5) The return is taken to be notice of the assessment signed by the Commissioner and given to the provider on the return day.

Note: The return may also be taken to be a notice of another assessment: see section 166A of the Income Tax Assessment Act 1936.

Subdivision 295‑J—Tax offset for no‑TFN contributions income (TFN quoted within 4 years)

Table of sections

295‑675 Entitlement to a tax offset
295‑680 Amount of the tax offset

295‑675  Entitlement to a tax offset

 (1) A *superannuation provider in relation to a *superannuation fund or an *RSA provider is entitled to a *tax offset for an income year (the current year) commencing on or after 1 July 2007 for amounts of tax that count towards the offset for the provider for the current year.

 (2) An amount of tax counts towards the offset for the provider for the current year if:
 (a) the tax was payable by the provider in one of the most recent 3 income years ending before the current year; and
 (b) the tax was payable on an amount of *no‑TFN contributions income of the fund or *RSA provider; and
 (c) the amount of no‑TFN contributions income was a contribution made to the fund or provider to provide *superannuation benefits for an individual who, in the current year, has *quoted (for superannuation purposes) his or her *tax file number to the provider for the first time.

Note: In certain circumstances the superannuation provider or RSA provider can get a refund of the tax offset under Division 67.

295‑680  Amount of the tax offset

  The amount of the *tax offset is the sum of each amount of tax that counts towards the offset for the provider for the current year.

Division 301—Superannuation member benefits paid from complying plans etc.

Table of Subdivisions

 Guide to Division 301
301‑A Application
301‑B Member benefits: general rules
301‑C Member benefits: elements untaxed in fund
301‑D Departing Australia superannuation payments
301‑E Superannuation lump sum member benefits less than $200

Guide to Division 301

301‑1  What this Division is about

      This Division sets out the tax treatment of superannuation benefits received by members of complying plans etc. This treatment varies depending on the age of the member when they receive the benefit. This Division also sets out the tax treatment of departing Australia superannuation payments and certain payments less than $200.

Subdivision 301‑A—Application

Table of sections

301‑5 Division applies to superannuation member benefits paid from complying plans etc.

301‑5  Division applies to superannuation member benefits paid from complying plans etc.

  This Division applies to:
 (a) *superannuation member benefits