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29 Nov 10 Regs made concerning super fund deductibility of TPD insurance premiums

Income Tax (Transitional Provisions) Regulations 2010 was made on 24 November 2010 and registered on the Federal Register of Legislative Instruments on 25 November 2010 as Select Legislative Instrument 2010 No 302.

The Regulations support the Government’s measure to provide transitional relief to superannuation funds for the 2004-05 to 2010-11 income years in relation to the deductibility of total and permanent disability (TPD) insurance premiums. Legislative amendments to Income Tax (Transitional Provisions) Act 1997 and ITAA 1997, contained in the Superannuation Legislation Amendment Act 2010 (SLAA), allow superannuation funds to treat a broader range of premiums as deductible premiums.

The Regulations commence on commencement of item 5 of Schedule 2 to the Superannuation Legislation Amendment Act 2010. Item 5 commences on 1 December 2010 by Proclamation made on 24 November 2010 and registered on the Federal Register of Legislative Instruments on 25 November 2010 as Legislative Instrument - F2010L03106.

For a copy of the Explanatory Statements, click on ES/Supp Material

 


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