Skip to main content
shopping_cart

Your shopping cart is empty

12 Dec 13 Notice of withdrawal for TD 2013/D7 issued

On 11 December 2013, the ATO issued Notice of Withdrawal TD 2013/D7W (Income tax: in what circumstances is an asset of a complying superannuation fund a segregated current pension asset under s 295-385 of the Income Tax Assessment Act 1997?)

The Notice states:

"TD 2013/D7 explained the Commissioner's preliminary view about when an asset of a complying superannuation fund is invested, held in reserve or otherwise being dealt with for the sole purpose of enabling a fund to discharge liabilities payable in respect of superannuation income stream benefits, for the purposes of s 295-385(3)(a) or s 295-385(4) of ITAA1997."

Specifically, the draft stated as follows:

"An asset of a complying superannuation fund will be invested, held in reserve or otherwise being dealt with1 for the sole purpose of enabling a fund to discharge liabilities payable in respect of superannuation income stream benefits ('the relevant sole purpose'), where the whole asset is so invested, held or dealt with. To meet the requirements of s 295-385(3)(a) or s 295-385(4) of ITAA 1997:

  • an asset cannot be partly invested, held or dealt with partly for the relevant sole purpose and partly for another purpose; and
  • part of an asset cannot be invested, held or dealt with for the relevant sole purpose, and another part of the asset invested, held or dealt with for another purpose."


The Notice states that a "number of submissions were received during the course of consultation and it became clear that approaches vary materially across the industry. A new Determination dealing specifically with the key issue of bank accounts will be issued in the near future, and the ATO will further consider and consult on the balance of the matter."


Media Release Search
Keywords
Eg. TD 2005/D52 ALL words EXACT phrase WITHOUT words Date range
From To