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08 Dec 11 Deductibility of TPD premiums for complying super fund - TR 2011/D6

On 7 December 2011, the ATO released for public comment by 3 Februaruy 2012 draft Taxation Ruling TR 2011/D6 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".

The draft Ruling deals with:

  • The Commissioner's view on how ss 295-465(1), 295-465(1A) and 295-465(1B) together with s 295-460(b) applies 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.

As a consequence of the issue of the draft Taxation Ruling on 7 December 2011, the ATO issued Notice of Withdrawal TR 2010/D9W (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) with effect from the same day. Following the release of this earlier draft Ruling, there has been a significant amendment to the relevant legislation with effect from 2011-2012 income year and later income years; hence, the need for an updated draft.

 


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