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ATO Interpretative Decision

ATO ID 2001/13 (Withdrawn)

Superannuation
Complying superannuation fund - Segregated pension assets - Is actuary's certificate required?

Attention This ATO ID does not accurately reflect the ATO view due to changes in legislation and has been withdrawn. The ATO view is contained in a fact sheet titled Self managed superannuation funds - actuarial certificates.
Attention This document has changed over time. View its history.
FOI status: may be released
Status of this decision: Decision Withdrawn 31 March 2006

CautionCAUTION: This is an edited and summarised record of a Tax Office decision. This record is not published as a form of advice. It is being made available for your inspection to meet FOI requirements, because it may be used by an officer in making another decision.

This ATOID provides you with the following level of protection:

If you reasonably apply this decision in good faith to your own circumstances (which are not materially different from those described in the decision), and the decision is later found to be incorrect you will not be liable to pay any penalty or interest. However, you will be required to pay any underpaid tax (or repay any over-claimed credit, grant or benefit), provided the time limits under the law allow it. If you do intend to apply this decision to your own circumstances, you will need to ensure that the relevant provisions referred to in the decision have not been amended or repealed. You may wish to obtain further advice from the Tax Office or from a professional adviser.


Issue

Whether superannuation funds are required to provide an actuary's certificate to obtain the exemption under section 282B of the Income Tax Assessment Act 1936 (ITAA 1936) on income derived from segregated pension assets.

Decision

Superannuation funds are required to provide an actuary's certificate to obtain the exemption under section 282B of the Income Tax Assessment Act 1936 (ITAA 1936) on income derived from segregated pension assets.

Facts

The trustees of a complying superannuation fund sought exemption from the requirement to provide an actuary's certificate under section 273A (ITAA 1936).

Reasons For Decision

Under section 282B (ITAA 1936) assessable income derived by a complying superannuation fund on segregated pension assets are exempt from tax.

The assets of a complying superannuation fund are taken to be segregated pension assets when the conditions in section 273A are met. Firstly, the assets must be invested, held in a reserve or dealt with for the sole purpose of enabling the fund to discharge the whole or part of the current pension liabilities when they become due. And secondly, the trustee of the fund must obtain an actuarial certificate before the date of the certificate's effect stating that the actuary expects that the assets are sufficient, if accumulated and having regard to expected earnings, to meet the amount required to discharge, in full or in part, the current pension liabilities as they fall due.

The Commissioner has no discretion to disregard these provisions.

Date of decision: 15 July 1998

Legislative References:
Income Tax Assessment Act 1936
   sections 273A
   section 282B
   subsection 267(1)

Related Public Rulings (including Determinations)
IT 2617

Keywords
Actuary certificate
Segregated pension assets
Current pension assets
Current pension liabilities
Complying superannuation fund

Business Line: Superannuation

Date of publication: 4 June 2001

ISSN: 1445-2782

ATO ID 2001/13 (Withdrawn) history   Top  
   Date   Version 
   15 July 1998   Original statement   
 You are here ®  31 March 2006   Withdrawn   


 


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