Last amended: 4 February 2010
This topic provides information on the following items that are common to both [glossary:sole traders:700] and [glossary:partnerships:513].
The following table shows the differences in treatment of contributions and benefits between the two main types of [glossary:superannuation funds:257].
|
Fund type |
Contributions |
Benefits |
|
Accumulation or defined contribution |
Defined for employers and [glossary:employees:562] such as a percentage of salary |
If assets have been transferred to a [glossary:discretionary trust:139] before 7.30pm 9 May 2000, attribution among the [glossary:attributable stakeholders:615] of the trust should be determined according to the degree of [glossary:control:461] capable of being exercised in the trust by the stakeholder(s).
Individual disposes of assets to company or trust before 1 January 2002 – individual is attributable stakeholder
Section 52ZZZ VEA
This chapter contains information on the [glossary:accumulation phase:138] of superannuation, including outlines of the various types of superannuation structures.
It also covers the assessment of income from withdrawals of superannuation benefits.
For further information on 'superannuation' please use the links below in the section on 'See Also'.
If a person has an interest in a primary production activity that is an assessable asset, the aggregation rules of the VEA must be applied to provide the most favourable result for the person.
This means that if the person has an interest in one or more business structures that are involved in primary production, not only the assets but also the related liabilities need to be brought into account, even if this means an artificial approach to picking up the related liabilities.
Last amended: 23 March 2010
The [glossary:income stream:406] provisions have no general saving provisions. This means that all income streams are assessable under the current legislation unless an exemption has been granted.
