24 (Superannuation)[1]

Accumulation schemes the percentage of support is the

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accumulation schemes , the percentage of  support is the actual contributions made by the  employer expressed as a percentage of the  employee’s “ordinary time earnings” 
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Foundations of Taxation Law [¶24.5](f) © CCH Australia Limited Choice of fund rules require employers to make SG  contributions to superannuation funds or RSAs  chosen by their employees Choice of fund rules also satisfied in specified  situations (eg where contributions are made to a  Commonwealth superannuation scheme) Where employer contributes to a superannuation  fund or RSA that does not comply with choice of fund  rules, the employer’s individual superannuation  guarantee shortfall for the employee may be  increased Choice of fund rules Choice of fund rules
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Foundations of Taxation Law [¶24.6] © CCH Australia Limited Phases in the tax treatment of  Phases in the tax treatment of  superannuation superannuation Contributions phase:  when contributions are made  to a fund (eg by members, employers and others) Investment phase:  when superannuation funds  invest such contributions (eg in bank deposits, the  share market, or property market) Benefits phase:  when superannuation funds pay  lump sums or pensions (eg to their members or their  dependents on death)
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Foundations of Taxation Law Contributions Contributions Deductions are generally available for:  Employer contributions to provide superannuation  benefits for employees Personal contributions by “substantially self- employed persons” Tax offsets may be available for contributions made  for the benefit of low-income spouses Government co-contributions may be available for  contributions made by low-income earners © CCH Australia Limited [¶24.7](a)
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Foundations of Taxation Law Employer contributions (Subdiv  Employer contributions (Subdiv  290-B ITAA97) 290-B ITAA97) Employers may deduct contributions made to a  superannuation fund or an RSA for the purpose of  providing superannuation benefits for persons who  are their employees when the contributions are made In order to be able to claim deductions, certain  conditions must be satisfied © CCH Australia Limited [¶24.7](b)
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Foundations of Taxation Law Conditions for deduction of  Conditions for deduction of  employer contributions employer contributions Employee must be engaged in producing the  taxpayer’s assessable income, or be an Australian  resident engaged in taxpayer’s business Fund must be a complying superannuation fund (or  the employer reasonably believes that the fund was a  complying fund, or has a statement stating that fund  can accept employer contributions)
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