Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p1
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 1/2)
Character Range: 4658193–4661120

3              *RSA provider     Part of an amount credited to the *RSA (worked out under section 295‑410) where a *superannuation income stream covered by section 295‑407 was paid from the RSA for part of the period in the income year that the RSA existed

295‑407  Covered superannuation income streams—RSAs
  A *superannuation income stream is covered by this section if:
 (a) it is a pension (within the meaning of the Retirement Savings Accounts Act 1997); and
 (b) it is in the *retirement phase.

295‑410  Amount credited to RSA
  For item 3 of the table in section 295‑405, the part of the amount credited to the *RSA that is *exempt income is worked out by:
 (a) multiplying the amount by the number of days in the income year for which the pension covered by section 295‑407 was paid; and
 (b) dividing the result by the number of days in the income year that the RSA existed.

Subdivision 295‑G—Deductions

Table of sections

Death or disability benefits
295‑460 Benefits for which deductions are available
295‑465 Complying funds—deductions for insurance premiums
295‑470 Complying funds—deductions for future liability to pay benefits
295‑475 RSA providers—deductions for insurance premiums
295‑480 Meaning of whole of life policy and endowment policy

Other deductions
295‑490 Other deductions

Certain amounts cannot be deducted
295‑495 Amounts that cannot be deducted

Death or disability benefits

295‑460  Benefits for which deductions are available
  Sections 295‑465 (about deductions for complying funds for insurance premiums), 295‑470 (about deductions for complying funds for future liability to pay benefits) and 295‑475 (about deductions for *RSA providers for insurance premiums) apply to these benefits:
 (a) a *superannuation death benefit;
 (aa) a benefit consisting of an amount payable to an individual because a *terminal medical condition exists in relation to the individual;
 (b) a *disability superannuation benefit;
 (c) a benefit consisting of an amount payable to an individual under an income stream because of the individual's temporary inability to engage in *gainful employment, that is payable for no longer than:
 (i) 2 years; or
 (ii) if an approval under section 62 of the Superannuation Industry (Supervision) Act 1993 is in force for benefits of that kind and the approval specifies a longer maximum period—that longer period; or
 (iii) if there is no such approval in force—a longer period allowed by the Commissioner.
Note 1: The fund can deduct amounts in relation to these benefits under either section 295‑465 or 295‑470, but not both.
Note 2: The taxable component of the superannuation lump sums will contain an element untaxed in the fund: see section 307‑290.

295‑465  Complying funds—deductions for insurance premiums

Deductions for insurance premiums
 (1) A *complying superannuation fund can deduct the proportions specified in this table of premiums it pays for