Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:1_1:p27
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 27/29)
Character Range: 76195–79102

Table of sections

295‑5 Entities to which Division applies
295‑10 How to work out the tax payable by superannuation entities
295‑15 Division does not impose a tax on property of a State
295‑20 Exempting laws ineffective
295‑25 Assessments on basis of anticipated SIS Act notice
295‑30 Effect of revocation etc. of SIS Act notices
295‑35 Acronyms used in tables

295‑5  Entities to which Division applies

 (1) This Division applies to these entities:
 (a) a *complying superannuation fund;
 (b) a *non‑complying superannuation fund;
 (c) a *complying approved deposit fund;
 (d) a *non‑complying approved deposit fund;
 (e) a *pooled superannuation trust;
whether they are established by an *Australian law, by a public authority constituted by or under such a law or in some other way.

 (2) The *superannuation provider in relation to an entity referred to in paragraph (1)(a) to (d) is liable to pay tax on the taxable income of the entity.

Note: A superannuation provider in relation to an entity referred to in paragraphs (1)(a) and (b) or in relation to an RSA is liable to pay tax on the no‑TFN contributions income of the entity: see section 295‑605.

 (3) The trustee of a *pooled superannuation trust is liable to pay tax on the taxable income of the trust.

 (4) This Division also applies to an *RSA provider that is not a *life insurance company.

Note: Division 320 deals with RSA providers that are life insurance companies.

295‑10  How to work out the tax payable by superannuation entities

 (1) Use this method for *superannuation funds, *approved deposit funds and *pooled superannuation trusts:

      Method statement
           Step 1. For a *superannuation fund, work out the *no‑TFN contributions income. Apply the applicable rates as set out in the Income Tax Rates Act 1986 to that income.
           Step 2. Work out the entity's assessable income and deductions taking account of the special rules in this Division. The special rules modify some provisions of this Act. They also include amounts in assessable income, allow deductions and exempt amounts from income tax.
           Step 3. Work out the entity's taxable income as if its trustee:

                (a) were an Australian resident (except where paragraph (b) applies); or
                (b) for a *non‑complying superannuation fund that is a *foreign superannuation fund for the income year—were not an Australian resident.

           Step 4. Work out the *low tax component and *non‑arm's length component of the taxable income of a *complying superannuation fund, *complying approved deposit fund or *pooled superannuation trust.
           Step 5. Apply the applicable rates as set out in the Income Tax Rates Act 1986 to the components, or to the taxable income of a *non‑complying superannuation fund or *non‑complying approved deposit fund.
           Step 6. Subtract the entity's *tax offsets from