Income Tax (Transitional Provisions) Act 1997

You are entitled to a deduction for an income year (the deduction year) if:

you have an interest in a FIF (within the meaning of Part XI of the Income Tax Assessment Act 1936, as in force just before the commencement of item 37 of Schedule 1 to the Tax Laws Amendment (Foreign Source Income Deferral) Act (No. 1) 2010) (the paying fund); and

Subdivision 305‑B of the Income Tax Assessment Act 1997 applies in relation to the paying fund (see section 305‑55 of that Act); and

the paying fund transfers an amount to a complying superannuation fund in respect of you during the deduction year; and

you choose under section 305‑80 of the Income Tax Assessment Act 1997 that the amount, or part of the amount, is to be treated as assessable income of the complying superannuation fund; and

immediately before the transfer happens, there is a post‑FIF abolition surplus (within the meaning of the Income Tax Assessment Act 1936) for the paying fund in relation to you; and

the deduction year is the 2010‑11 income year or a later income year.

The amount of the deduction is the lesser of:

the post‑FIF abolition surplus; and

the amount covered by your choice mentioned in paragraph (1)(d).