Section CG 5 — Income Tax Act 2007: Recoveries or receipts by employers from superannuation schemes

CG 5 Recoveries or receipts by employers from superannuation schemes When this section applies (1) This section applies when— (a) an employer makes an employer’s superannuation contribution to a superannuation scheme for their employee’s benefit; and (b) the employer is allowed a deduction for the contribution; and (c) the employer— (i) recovers the contribution from the superannuation scheme; or (ii) receives a benefit in money or money’s worth from the superannuation scheme, other than an amount paid to the employer under the scheme in return for contributions made by or for the employer in a personal capacity. Income (2) The amount recovered or received is, to the extent of the deduction, income of the employer. Timing of income (3) The income is allocated to the income year in which the amount is recovered or received. Defined in this Act: amount , deduction , employee , employer , employer’s superannuation contribution , income , income year , pay , superannuation scheme Compare: 2004 No 35 s CG 5