AYB240 Lecture Notes - Lecture 2: Bankruptcy, Income Tax Assessment Act 1936, Organisation For Economic Co-Operation And Development
Document Summary
Comply with sis act to be eligible for concessional tax treatment: subjects itself to regulation under sis act. Conditions for complying superannuation fund : resident regulated superannuation fund, no contraventions of regulatory provisions" or. Eg comply with sis and itaa: contraventions do not fail culpability test". Not applicable to smsf as all members are trustees. Employers must contribute to a compliant fund. Loss of tax concessions (15%: 15% rate provided to give incentive for savings, pay 45% tax on income and market value of assets (excluding any non-concessional components) Accumulation (defined contribution) funds: also referred to as defined contribution (dc) funds, members" final benefit is an accumulation of contributions and earnings thereon. Defined benefit (db)funds: final benefit is usually determined by combination of members" final salary and years of service. These are now closed to new members. Hybrid funds: fund has members with both db and dc benefits.
