Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p36
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 36/64)
Character Range: 488592–491516

Act 1997 applies in relation to the paying fund (see section 305‑55 of that Act); and
 (c) the paying fund transfers an amount to a complying superannuation fund in respect of you during the deduction year; and
 (d) you choose under section 305‑80 of the Income Tax Assessment Act 1997 that the amount, or part of the amount, is to be treated as assessable income of the complying superannuation fund; and
 (e) immediately before the transfer happens, there is a post‑FIF abolition surplus (within the meaning of the Income Tax Assessment Act 1936) for the paying fund in relation to you; and
 (f) the deduction year is the 2010‑11 income year or a later income year.
 (2) The amount of the deduction is the lesser of:
 (a) the post‑FIF abolition surplus; and
 (b) the amount covered by your choice mentioned in paragraph (1)(d).

Division 306—Roll‑overs etc.

Table of sections
306‑10 Roll‑over superannuation benefit—directed termination payment

306‑10  Roll‑over superannuation benefit—directed termination payment
  For the purposes of the definition of specified roll‑over amount in the Income Tax Assessment Act 1997, treat the taxable component of a directed termination payment (within the meaning of section 82‑10F) as the element untaxed in the fund of a superannuation benefit that is a roll‑over superannuation benefit.

Division 307—Key concepts relating to superannuation benefits

Table of sections
307‑125 Treatment of tax free component of existing pension payments etc.
307‑127 Extension—income stream replacing an earlier one because of an involuntary roll‑over
307‑230 Total superannuation balance—modification for transfer balance just before 1 July 2017
307‑231 Total superannuation balance—limited recourse borrowing arrangements
307‑290 Taxed and untaxed elements of death benefit superannuation lump sums
307‑345 Low rate component—Effect of rebate under the Income Tax Assessment Act 1936

307‑125  Treatment of tax free component of existing pension payments etc.
 (1) This section applies to a superannuation income stream from which at least one superannuation income stream benefit has been paid before 1 July 2007.
Note: This section also applies to an income stream replacing an earlier one because of an involuntary roll‑over (see section 307‑127).
 (2) Despite subsection 307‑125(2) of the Income Tax Assessment Act 1997, work out the tax free component of superannuation income stream benefits paid from the superannuation income stream in an income year beginning on or after 1 July 2007 as follows:
 (a) first, work out the deductible amount in relation to the superannuation income stream for the income year including 30 June 2007 in accordance with section 27H of the Income Tax Assessment Act 1936 (as in force just before 1 July 2007);
 (b) next, allocate the deductible amount worked out under paragraph (a) to each of those benefits in proportion to the amount of those benefits.