Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:1_12:p2
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 1 cl 12 (pt 2/3)
Character Range: 87936–91139

time if the member is:
 (a) a contributor to the fund at that time; or
 (b) an individual on whose behalf contributions have been made, other than an individual:
 (i) who is a foreign resident; and
 (ii) who is not a contributor at that time; and
 (iii) for whom contributions made to the fund on the individual's behalf after the individual became a foreign resident are only payments in respect of a time when the individual was an Australian resident.

295‑100  Deductions for investing in PSTs and life policies

 (1) Provisions of this Act about deducting amounts apply to *complying superannuation funds and *complying approved deposit funds as if *ordinary income and *statutory income received from these investments were included in their assessable income:
 (a) units in a *pooled superannuation trust;
 (b) *life insurance policies issued by a *life insurance company;
 (c) an interest in a trust whose assets consist only of life insurance policies issued by a life insurance company.

Note: Income from these investments is not assessable: see for example sections 295‑105 and 118‑350.

 (2) A *complying superannuation fund cannot deduct an amount (otherwise than under section 295‑465) for fees or charges incurred for:
 (a) *virtual PST life insurance policies; or
 (b) *exempt life insurance policies; or
 (c) units in a *pooled superannuation trust that are *segregated current pension assets of the fund.

295‑105  Distributions to PST unitholders

  The assessable income of a *complying superannuation fund, *complying approved deposit fund or *pooled superannuation trust does not include amounts *derived by the entity because it holds units in a *pooled superannuation trust.

Note: These entities will not be subject to any tax liability when they dispose of the units: see subsection 295‑85(2) and section 118‑350.

Subdivision 295‑C—Contributions included

Guide to Subdivision 295‑C

295‑155  What this Subdivision is about

      There are basically 3 types of assessable contributions:

                (a) those made by a contributor (for example, an employer) on behalf of someone else (for example, an employee); and
                (b) those made on the contributor's own behalf for which the contributor is entitled to a deduction; and
                (c) those transferred from a foreign superannuation fund to an Australian superannuation fund.
      There are some additions and exceptions.

Table of sections

Contributions and payments

295‑160 Contributions and payments
295‑165 Exception—spouse contributions
295‑170 Exception—Government co‑contributions and contributions for a child
295‑175 Exception—payments by a member spouse
295‑180 Exception—choice to exclude certain contributions
295‑185 Exception—temporary residents

Personal contributions and roll‑over amounts

295‑190 Personal contributions and roll‑over amounts
295‑195 Exclusion of personal contributions

Transfers from foreign funds

295‑200 Transfers from foreign superannuation funds

Application of tables to RSA providers

295‑205 Application of tables to RSA providers

Former constitutionally protected funds

295‑210 Former constitutionally protected funds

Contributions and