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05 Jul 12 Deductibility of premiums for super TPD - TR 2012/6

On 4 July 2012, the ATO issued Taxation Ruling TR 2012/6 entitled "Income tax: deductibility under s 295-465(1) of ITAA 1997 of premiums paid by a complying superannuation fund for an insurance policy providing Total and Permanent Disability cover in respect of its members".

It was previously released in draft form as TR 2011/D6.

The Ruling is about the deductibility under s 295-465(1) of ITAA 1997 of premiums paid by a complying superannuation fund for insurance policies which provide total and permanent disability (TPD) cover in respect of the fund's members.

In particular, the Ruling explains:

  • the Commissioner's view on how ss 295-465(1), 295-465(1A) and 295-465(1B) together with s 295-460(b) apply to such premiums;
  • the relationship between the deductibility of the premiums and the rules for the provision of benefits by a complying superannuation fund to its members as set out in the Superannuation Industry (Supervision) Act 1993 and the Supervision Industry (Supervision) Regulations 1994; and
  • the interaction of the relevant ITAA 1997 provisions with the relevant Income Tax Assessment Regulations 1997.

 


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