(2) Other legislative schemes relevant to superannuation include the following: (a) the Superannuation Guarantee (Administration) Act 1992, requires that employers provide a minimum level of superannuation contributions for each of their eligible employees; (b) the Superannuation (Government Cocontribution for Low Income Earners) Act 2003, which provides for Government cocontributions to low income earners’ superannuation; (c) the Superannuation Accounts Act 1995, which provides a facility to accept payments of superannuation guarantee shortfalls; (d) the Superannuation (Unclaimed Money and Lost Members) Act 1999, which provides for the payment of unclaimed superannuation money, and the maintenance of a register of lost members.
291170 Notional taxed contributions (1) Your notional taxed contributions for a *financial year in respect of a *defined benefit interest has the meaning given by the regulations. Note: For transitional provisions about notional taxed contributions that were previously in former subsections 292170(6) to (9), see Subdivision 291C of the Income Tax (Transitional Provisions) Act 1997. (2) Regulations made for the purposes of subsection (1) may provide for a method of determining the amount of the notional contributions. (3) Regulations made for the purposes of subsection (1) may define the *notional taxed contributions, and the amount of notional taxed contributions, in different ways depending on any of the following matters: (a) the individual who has the *superannuation interest that is or includes the *defined benefit interest; (b) the *superannuation plan in which the superannuation interest exists; (c) the *superannuation provider in relation to the superannuation plan; (d) any matter. (4) Regulations made for the purposes of subsection (1) may specify circumstances in which the amount of *notional taxed contributions for a *financial year is nil. (5) Subsections (2), (3) and (4) do not limit the regulations that may be made for the purposes of this section. 291175 Defined benefit interest (1) An individual’s *superannuation interest is a defined benefit interest to the extent that it defines the individual’s entitlement to *superannuation benefits payable from the interest by reference to one or more of the following matters:
(8) To avoid doubt: (a) subject to subsection 14ZVB(3) of the Taxation Administration Act 1953, you may also object, on the ground that you are dissatisfied with such a determination or decision, relating to all or part of your *concessional contributions for a *financial year: section 175A of the Income Tax Assessment Act 1936 against an assessment made in relation to you for the corresponding income year; or (ii) under section 9710 in Schedule 1 to the Taxation Administration Act 1953 against an *excess concessional contributions determination made in relation to you for the financial year; and (b) for the purposes of paragraph (e) of Schedule 1 to the Administrative Decisions (Judicial Review) Act 1977, the making of a determination under this section is a decision forming part of the process of making an assessment of tax, and making a calculation of charge, under this Act.
(a) the person applies for the amendment in the *approved form; and (b) the person gives the Commissioner all the information necessary for making the amendment. 292320 Later amendments—fraud or evasion (1) If: (a) a person (or a *superannuation provider covered subsection (2)) does not make a full and true disclosure to the Commissioner of the information necessary for an *excess nonconcessional contributions tax assessment for the person for a *financial year; and (b) in making the assessment, the Commissioner makes an underassessment; and (c) the Commissioner is of the opinion that the underassessment is due to fraud or evasion; the Commissioner may amend the assessment at any time. (2) A *superannuation provider is covered under this subsection if any of the following conditions are satisfied: (a) contributions have been made to a *superannuation plan of the provider on behalf of the person in the *financial year; (b) an amount is included in the person’s *concessional contributions for the financial year subsection 29125(3) because the superannuation provider allocated it to the person; (c) *notional taxed contributions are included in the person’s concessional contributions for the financial year under section 291165 because of the person’s *defined benefit interest in a superannuation plan of the provider. 292325 Further amendment of an amended particular If: (a) an *excess nonconcessional contributions tax assessment has been amended (the earlier amendment) in any particular; and
292415 Superannuation provider given release authority must pay amount Operative provisions 292385 Due date for payment of excess nonconcessional contributions tax *Excess nonconcessional contributions tax assessed for a person for a *financial year is due and payable at the end of 21 days the Commissioner gives the person notice of the *excess nonconcessional contributions tax assessment. 292390 General interest charge If *excess nonconcessional contributions tax or *shortfall interest charge payable by a person remains unpaid after the time by which it is due and payable, the person is liable to pay the *general interest charge on the unpaid amount for each day in the period that: (a) starts at the beginning of the day on which the excess nonconcessional contributions tax or shortfall interest charge was due to be paid; and (b) ends at the end of the last day on which, at the end of the day, any of the following remains unpaid: excess nonconcessional contributions tax or shortfall interest charge; (ii) general interest charge on any of the excess nonconcessional contributions tax or shortfall interest charge. Note: The general interest charge is worked out Part IIA of the Taxation Administration Act 1953. 292395 Refunds of amounts overpaid Section 172 of the Income Tax Assessment Act 1936 applies for the purposes of this Part as if references in that section to tax included references to *excess nonconcessional contributions tax.
29520 Exempting laws ineffective A *Commonwealth law than this Act) does not have the effect of exempting the trustee of an entity to which this Division applies from the liability to pay tax unless it does so expressly. 29525 Assessments on basis of anticipated SIS Act notice (1) The Commissioner may make an assessment for a fund or trust that is not a *complying superannuation fund, *complying approved deposit fund or *pooled superannuation trust for the income year as if it were such an entity if the Commissioner considers it likely that a notice will be given under section 40 of the Superannuation Industry (Supervision) Act 1993 having the effect that it will become such an entity. (2) However, the grounds for making an assessment subsection (1) are taken never to have existed if: (a) the Commissioner becomes satisfied that the notice will not be or (b) *APRA does not receive the documents referred to in subsection 36(1) of the Superannuation Industry (Supervision) Act 1993 about the fund or trust before the end of 12 months after the assessment is made. 29530 Effect of revocation etc. of SIS Act notices This Division has effect as if a notice given under section 342 of the Superannuation Industry (Supervision) Act 1993 (about pre1 July 88 funding credits) or under regulations made for the purposes of that section had never been given if: (a) the notice is revoked; or (b) the decision to give the notice is set Acronyms used in tables In tables in this Division, these acronyms are used for these entities:
Personal contributions and rollover amounts included in assessable income Item Assessable income of this entity: Includes: 1 CSF *RSA provider A contribution: (a) made to the CSF or *RSA; and (b) covered by a valid and acknowledged notice given to the *superannuation provider of the CSF or RSA under section 290170 2 CSF CADF NCADF *RSA provider A *rollover superannuation benefit that an individual is taken to receive under section 30715 to the extent that: (a) it consists of an *element untaxed in the fund; and (b) is not an *excess untaxed rollover amount for that individual
Amounts excluded 295335 Amounts excluded from assessable income Amounts included 295320 amounts included in assessable income The assessable income of an entity includes the amounts as set out in this table. Note: For an explanation of the acronyms used, see section Amounts included in assessable income Item Assessable income of this entity: Includes: For the income year: 1 PST Amount transferred to it by a CSF or CADF section 295260 Of the PST that includes the last day of the transferor’s income year to which the agreement relates 2 NCSF that was a CSF for the previous income year *Ordinary income and *statutory income from previous worked out under section 295325 Following the income year in which it was a CSF 3 CSF; or NCSF that is an *Australian superannuation fund for the income year and that was a *foreign superannuation fund for the previous income year *Ordinary income and *statutory income from previous worked out under section 295330 Following the income year in it was a foreign superannuation fund
Note: For an explanation of the acronyms used, see section 29535. Amounts excluded from assessable income Item This entity: Does not include this in assessable income: 1 CSF CADF PST A bonus on a *life insurance policy (except a reversionary bonus) 2 PST Amount attributable to amounts received from a *constitutionally protected fund 3 *RSA provider A bonus on a *life insurance policy that is an *RSA (except a reversionary bonus) Subdivision 295F—Exempt income Table of sections 295385 Income from assets set aside to meet current pension liabilities 295390 Income from other assets used to meet current pension liabilities 295395 Meaning of segregated noncurrent assets 295400 Income of a PST attributable to current pension liabilities 295405 Other exempt income 295410 Amount credited to RSA 295385 Income from assets set to meet current pension liabilities (1) The *ordinary income and *statutory income of a *complying superannuation fund for an income year is exempt from income tax to the extent that: (a) it would otherwise be assessable income; and (b) it is from *segregated current pension assets. Exception (2) Subsection (1) does not to: (a) *nonarm’s length income; or
2B CSF *RSA provider A *rollover superannuation benefit, to the extent that: (a) the benefit is included in the assessable income of the CSF or RSA provider under item 2A of the table in subsection 295190(1); and (b) the relevant contribution has been reduced by a notice under section 290180 received by the *superannuation provider of the CSF or *RSA after it lodged its *income tax return for the income year in which the transfer occurred; and (c) the provider has not exercised the option mentioned in subsection 295197(4) The notice mentioned in paragraph (b) is received 3 CSF NCSF CADF A levy imposed by regulations under section 6 of the Superannuation (Financial Assistance Funding) Levy Act 1993 The levy is incurred 4 Entity that is a NCSF and has been since 1 July 1988, or since it came into existence if that was later An amount paid to an entity who includes it in assessable income section 290100 It is included in the entity’s assessable income (2) A fund cannot deduct an amount under item 3 of the table for a levy imposed by regulations under section 6 of the Superannuation (Financial Assistance Funding) Levy Act 1993 to the extent that: (a) the levy is remitted; or
295545 Components of taxable income—complying superannuation funds, complying ADFs and PSTs (1) The taxable income of these entities is split into a *nonarm’s length component and a *low tax component: (a) *complying superannuation funds; (b) *complying approved deposit funds; (c) *pooled superannuation trusts. Note: A concessional rate applies to the low tax component, the nonarm’s length component is taxed at the highest marginal rate. The rates are set out in the Income Tax Rates Act 1986. (2) The nonarm’s length component for an income year is the entity’s *nonarm’s length income for that year less any deductions to the extent that they are attributable to that income. (3) The low tax component is any remaining part of the entity’s taxable income for the income year. 295550 Meaning of nonarm’s length income (1) An amount of *ordinary income or *statutory income is nonarm’s length income of a *complying superannuation fund, a *complying approved deposit fund or a *pooled superannuation (other than an amount to which subsection (2) applies or an amount *derived by the entity in the capacity of beneficiary of a trust) if: (a) it is derived from a *scheme the parties to were not dealing with each other at *arm’s length in relation to the scheme; and (b) that amount is more than the amount that the entity might have been expected to derive if those parties had been dealing with each other at arm’s length in relation to the scheme. (2) An amount of *ordinary income or *statutory income is also nonarm’s length income of the entity if it is: (a) a *dividend paid to the entity by a *private company; or
Miscellaneous 301125 Unclaimed money payments by the Commissioner For the purposes of this Subdivision, treat a *superannuation lump sum paid by the Commissioner under subsection 17(2), 20H(2), (2AA), (2A) or (3) or 24G(2) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 as if it were paid from a *superannuation plan. Subdivision 301D—Departing Australia superannuation payments Table of sections 301170 Departing Australia superannuation payments 301175 Treatment of departing Australia superannuation benefits 301170 Departing Australia superannuation payments (1) A *superannuation lump sum is a departing Australia superannuation payment if it: (a) is paid to a person who has departed Australia; and (b) is paid: accordance with regulations under the Superannuation Industry (Supervision) Act 1993 or the Retirement Savings Accounts Act 1997 that are specified in regulations made for the purposes of this definition; or (ii) in accordance with section 67A of the Superannuation Accounts Act 1995; or (iii) by an exempt public sector superannuation scheme (within the meaning of section 10 of the Superannuation Industry (Supervision) Act 1993) and is made in accordance with rules of the fund that are substantially similar to the regulations specified as mentioned in subparagraph (i).
(2) Also, a *superannuation lump sum is a departing Australia superannuation payment if it is paid under subsection 20H(2), (2AA), (2A) or (3) of the Superannuation (Unclaimed Money and Lost Members) Act 1999. (3) Despite subsection (2), a *superannuation lump sum paid subsection 20H(2), (2AA), (2A) or (3) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 because a person has been identified in a notice under section 20C of that Act is not a departing Australia superannuation payment if, when it is paid, the Commissioner is satisfied that: (a) the person has not been, the Migration Act 1958, the holder of a temporary visa that ceased to be in effect at least 6 months ago; or (b) the person has been the holder of such a visa but has not left Australia (within the meaning of that Act) at least 6 months ago but after starting to be the holder of the visa. (4) Despite subsection (2), a *superannuation lump sum that is paid under subsection 20H(2), (2AA), (2A) or (3) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 and is prescribed by the regulations for the purposes of this subsection is not a departing Australia superannuation payment. 301175 Treatment of departing Australia superannuation benefits (1) Despite anything else in this Division, if you receive a *superannuation benefit that is a *departing Australia superannuation payment, the benefit is not assessable income and is not *exempt income. (2) However, you are liable to pay income tax on that payment at the rate declared by the Parliament in respect of *departing Australia superannuation payments. Note 1: The tax is imposed in the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 and the amount of the tax is set out in that Act.
section, but for the payment having been received by another foreign superannuation fund. (6) The amount of your previously exempt fund earnings is the amount mentioned in paragraph (5)(c) (disregarding the addition of previously exempt fund earnings under subsection (2) or (3) of this section). 30580 Lump sums paid into complying superannuation (1) This section applies if: (a) section 30570 applies to a *superannuation lump sum that is paid from a *foreign superannuation fund; and (b) you are taken to receive the lump sum under section 30715; and (c) all of the lump sum is paid into a *complying superannuation fund; and (d) immediately the lump sum is paid into the complying superannuation fund, you no longer have a *superannuation interest in the foreign superannuation fund. (2) You may choose for all or part of your *applicable fund earnings worked out section 30575 (but not exceeding the amount of the lump sum) to be included in the assessable income of the *complying superannuation plan. Note: Section 295200 provides for the amount specified in the choice to be included in the assessable income of the complying superannuation plan. (3) Your choice: (a) must be in writing; and (b) must comply with the requirements (if any) specified in the regulations.
a result of an election under paragraph 29SAA(1)(b) of that Act; or (ii) under section 388 of that Act; if: (iii) that member becomes a member (within the meaning of that Act) of the other fund immediately after the transfer; and transfer happens during the period beginning on 1 July 2015 and ending on 1 July 2017; or (c) a payment of consideration for the issue to a person of a beneficial interest in an eligible rollover fund (within the meaning of the Superannuation Industry (Supervision) Act 1993) in accordance with an application on behalf of that person under section 243 of that Act. 30615 Tax on excess untaxed rollover amounts (1) This section applies to a *superannuation benefit if: (a) it is a *rollover superannuation benefit that is paid into a *superannuation plan; and (b) you are taken to receive the benefit under section 30715; and (c) the benefit consists of, or includes, an amount that is an *element untaxed in the fund; and (d) the amount mentioned in paragraph (c) exceeds your *untaxed plan cap amount (see section 307350), for the superannuation plan from which the benefit is paid, just before you are taken to receive the benefit. Note: To work out your untaxed plan cap amount in relation to an unclaimed money payment from the Commissioner, see subsection 307350(2B). (1A) However, this section does not apply to a *rollover superannuation benefit that is transferred from one *superannuation interest in a *superannuation plan to another superannuation interest in the same plan.
account payment subsection 76(6), of the Small Superannuation Accounts Act 1995. (These provisions authorise payment of money held under the Act.) of the Small Superannuation Accounts Act 1995. (These provisions authorise payment of money held under the Act to the legal personal representative of the deceased.) 5 unclaimed money payment A payment to you: (a) under subsection 17(1), (2) or (2AB), 20F(1) or 20H(2), (2AA) or (2A), section 24E or subsection 24G(2) or (3A) of the Superannuation (Unclaimed Money and Lost Members) Act 1999; or (b) as mentioned in subsection 18(4) or (5) of that Act; otherwise than because of another person’s death. A payment to you: (a) subsection 17(1), (2), (2AB) or (2AC), 20H(2), (2AA), (2A) or (3) or 24G(2), (3A) or (3B) of the Superannuation (Unclaimed Money and Lost Members) Act 1999; or (b) as mentioned in subsection 18(4) or (5) of that Act; because of another person’s death.
(3B) In making a decision under subsection (3A), the Commissioner must have regard to the following matters: (a) whether there was any action taken to try to pay the benefit within the 6 months after the cessation of the legal action or the completion of the process, and if so, the nature of that action; (b) whether there were any factors beyond the control of the entity that paid the benefit, or of the person to whom the benefit was paid, that prevented the payment of the benefit within those 6 months; (c) the circumstances of the person to whom the benefit was paid, and the actions of that person in relation to the benefit. (4) A superannuation benefit is a payment described in column 3 of the table. (5) Subsection (6) applies if a *contributionssplitting superannuation benefit or a *family law superannuation payment is paid to you because another person is a member of a *superannuation fund, holder of an *RSA or depositor with an *approved deposit fund, or the annuitant under a *superannuation annuity. (6) For the purposes of this section (and despite section 30715): (a) treat yourself as a member of the fund, holder of the *RSA, depositor with the fund or annuitant under the *superannuation annuity; and (b) do not treat the other person as a member of the fund, holder of the RSA, depositor with the fund or annuitant under the superannuation annuity. Note: This means that the benefit is a superannuation benefit for you but not for the other person. (7) A family law superannuation payment is a payment that: (a) is a payment of any of the following kinds: payment in accordance with Part VIIIB of the Family Law Act 1975;
2 an amount paid, before 1 July 2007, to: (a) the Commissioner under subsection 17(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999; or (b) a State or Territory authority, as mentioned in subsection 18(4) of that Act; in respect of the person an eligible termination payment (within the meaning of subsection 27A(1) of the Income Tax Assessment Act 1936, as in just before 1 July 2007) the of the components, of that eligible termination payment, referred to in subsection 307225(2) of this Act 3 an amount paid to the Commissioner under subsection 20F(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of the person (other than an amount referred to in section 65AA of the Superannuation Guarantee (Administration) Act 1992) a *superannuation benefit paid from a *superannuation plan the *tax free component of that superannuation benefit 4 an amount paid to the Commissioner under section 24E of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of the person a *superannuation benefit paid from a *superannuation plan the *tax free component of that superannuation benefit Note 1: Section 65AA of the Superannuation Guarantee (Administration) Act 1992 requires certain shortfall components to be treated as amounts
307205 Value of superannuation interest The value of a *superannuation interest at a particular time is: (a) if the regulations specify a method for determining the value of the superannuation interest—that value; or (b) otherwise—the total amount of all the *superannuation lump sums that could be payable from the interest at that time. 307210 Tax free component of superannuation interest (1) The tax free component of a *superannuation interest is so much of the *value of the interest as consists of: (a) the *contributions segment of the interest; and (b) the *crystallised segment of the interest. Tax free component reduces if a benefit is paid (2) If a *superannuation benefit is paid from the *superannuation interest: (a) the *crystallised segment of the interest is reduced (but not below zero) by an amount equal to the *tax free component of the benefit; and (b) if any of that amount remains, the *contributions segment of the interest is reduced (but not zero) by that remaining amount. Note: This has the effect of reducing the interest’s tax free component by the amount of the benefit’s tax free component. 307215 Taxable component of superannuation interest The taxable component of a *superannuation interest is the *value of the interest less the *tax free component of the interest. 307220 What is the contributions segment? (1) The contributions segment of a *superannuation interest is the total amount of the contributions to the interest:
Step 3. The element taxed in the fund of the *taxable component consists of so much of the taxable component as is attributable to the amount set out in column 3 of the table for the claimed equivalent (or as is attributable to the amounts set out in that column for the claimed equivalents). (3) This is the table mentioned in subsection (2): Element taxed in the fund Item Column 1 Unclaimed amount Column 2 Claimed equivalent Column 3 Taxed element of claimed equivalent 1 an amount paid, on or after 1 July 2007, to the Commissioner under subsection 17(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of the person a *superannuation benefit paid from a *superannuation plan the *element taxed in the fund of the *taxable component of that superannuation benefit 2 an amount paid, before 1 July 2007, to the Commissioner under subsection 17(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of the person an eligible termination payment (within the meaning of subsection 27A(1) of the Income Tax Assessment Act 1936, as in force just before 1 July 2007) the taxed element of the postJune 83 component of that eligible termination payment under Subdivision AA of Division 2 of Part III of the Income Tax Assessment Act 1936, as in force just before 1 July 2007
Operative provisions Subdivision 310A—Object of this Division 3105 Object The main object of this Division is to facilitate the consolidation of the superannuation industry by allowing certain merging *superannuation funds to retain the value, for income tax purposes, of certain losses that might otherwise cease to be able to be utilised as a result of the merger. Subdivision 310B—Choice to transfer losses Table of sections 31010 Original fund’s assets extend beyond life insurance policies and units in pooled superannuation trusts Original fund’s assets include a complying superannuation life insurance policy Original fund’s assets include units in a pooled superannuation trust 31010 Original fund’s assets extend beyond life insurance policies and units in pooled superannuation trusts (1) A trustee of: (a) a *complying superannuation fund (other than a *self managed superannuation fund) (the transferring entity or the original fund); or (b) a *complying approved deposit fund (the transferring entity or the original fund); can choose to transfer losses if an *arrangement is made for which the conditions in this section are satisfied. Transferring entity’s assets include other assets (2) The first condition is satisfied if, just before the *arrangement was made, the transferring entity’s assets included assets other than:
Ignore members who cannot transfer to a continuing fund (5) For the purposes of subsections (3) and (4), ignore an individual who remains a member of a *complying superannuation fund or *complying approved deposit fund because of circumstances beyond the control of the trustee of that fund. Original fund’s assets include units in a pooled superannuation trust (1) A trustee of a *pooled superannuation trust (the transferring entity) can choose to transfer losses if an *arrangement is made for which the conditions in this section are satisfied. Units in the trust were held by the original fund (2) The first condition is satisfied if, just before the *arrangement was made, units in the transferring entity were held by: (a) a *complying superannuation fund (the original fund); or (b) a *complying approved deposit fund (the original fund). Note: Other entities may also choose under this Subdivision to transfer losses, for the same arrangement, if the original fund holds other assets. Original fund’s members transfer to a continuing fund (3) The second condition is satisfied if, under the *arrangement: (a) the original fund ceases to have any members (within the meaning of the Superannuation Industry (Supervision) Act 1993) at a particular time (the completion time); and (b) the individuals who cease to be members (within the meaning of that Act) of the original fund become members (within the meaning of that Act) of one or more *complying superannuation funds (the continuing funds). Continuing funds will usually not be able to be small funds (4) The third condition is satisfied if either:
(2) Subsections (3), (4) and (5) apply if under subsection (1) the transferring entity disregards a *capital gain or *capital loss for a transfer event relating to an original asset. (3) The transferring entity’s *capital proceeds from the transfer event are taken to be an amount equal to: (a) if, apart from this subsection, the event would result in a *capital gain—the asset’s *cost base just before the event; or (b) if, apart from this subsection, the event would result in a *capital loss—the asset’s *reduced cost base just before the event. Consequences for receiving entity (4) The first element of the *cost base of the corresponding received asset (in the hands of the receiving entity) is taken to be an amount equal to the cost base of the original asset just before the event. (5) The element of the *reduced cost base of the corresponding received asset (in the hands of the receiving entity) is taken to be an amount equal to the reduced cost base of the original asset just before the event. 31065 Revenue assets—if global asset approach chosen Consequences for transferring entity (1) For each of the original assets to which this section applies, the transferring entity’s gross proceeds for the relevant transfer event are taken to be the amount (the deemed proceeds) the transferring entity would need to have received in order to have a nil profit and nil loss for the event. Note: This section only applies if it is chosen to under subsection 31050(3). Consequences for receiving entity (2) For each of the received assets to which this section applies, the receiving entity is taken, for the purposes of this Act, to have paid
(2) In working out the *tax loss referred to in paragraph 31120(1)(d), or the sum of the transferring entity’s deductions referred to in paragraph 31130(b), treat any amount: (a) that is an amount of a deduction for the transferring entity, or an amount of assessable income by the transferring entity, arising after the completion time; and (b) that arises as a result of realisation of assets for the purpose of enabling payment to the receiving entity in connection with the transfer of the *accrued default amount of the member; as if the amount of the deduction, or the amount of income, during the transfer year but before the completion time. Subdivision 311D—Consequences of choosing asset rollover Table of sections Assets rollover 31145 CGT assets 31150 Revenue assets 31155 Further consequences for rollovers involving life insurance companies 31140 Assets rollover (1) The transferring entity can choose an rollover for an asset in relation to which, under the *arrangement, a *CGT event happens if: (a) subsection (2) applies to the asset; and (b) an asset (the received asset) becomes an asset of one of the following (the receiving entity) as a result of the event: continuing fund for the choice; (ii) a *pooled superannuation trust in which units are held by the continuing fund for the choice just after the completion time; (iii) a *life insurance company with which a *complying superannuation life insurance policy is held by the
Subdivision 312C—Superannuation benefits paid to KiwiSaver scheme providers Table of sections 31215 Superannuation benefits paid to KiwiSaver schemes 31215 Superannuation benefits paid to KiwiSaver schemes A *superannuation benefit paid to a *KiwiSaver scheme provider by the trustee of a *complying superannuation fund in respect of you is not assessable income of yours and is not *exempt income of yours.