Income Tax Assessment Act 1936

Part IX repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-2008 income year and later years.

Former Part IX inserted by No 97 of 1989 and amended by No 105 of 1989.

Div 9 repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-08 income year and later years.

S 300B repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-08 income year and later years. S 300B formerly read:

SECTION 300B ASSESSMENT ON BASIS OF ANTICIPATED PRE-1 JULY 88 FUNDING CREDIT BALANCE  
300B(1) [Assessment where notice given]  

Where:

(a) before the Commissioner makes an assessment in relation to a complying superannuation fund for a particular year of income, the trustee of the fund gives notice in writing to the Commissioner that the trustee:

(i) anticipates that a notice or notices will be given under subsection 342(2) or (7) , or both, of the SIS Act, having the effect that there will be a pre-1 July 88 funding credit balance of the fund of a specified amount as at the beginning of the last day of the year of income; and

(ii) would, if there were such a balance, elect that subsection 275B(1) apply for the year of income in relation to a specified amount of taxable contributions made to the fund;

(b) the notice is lodged with the Commissioner on or before the date of lodgment of the return of income of the fund for the year of income, or before such later date as the Commissioner allows; and

(c) the Commissioner considers it likely that the anticipated notice or anticipated notices will be given and that there will be a pre-1 July 88 funding credit balance of the fund of the specified amount as at the beginning of the last day of the year of income;

the Commissioner may make the assessment as if:

(d) there were a pre-1 July 88 funding credit balance of the fund of the specified amount as at the beginning of the last day of the year of income;

(e) an election had been made by the trustee, in accordance with section 275B , that subsection 275B(1) should apply for the year of income in relation to an amount, being the least of the following amounts:

(i) the amount referred to in subparagraph (a)(i);

(ii) the amount referred to in subparagraph (a)(ii);

(iii) the amount referred to in paragraph 275B(2)(b) ; and

(f) the requirements of subsection 275B(2) were satisfied.

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History

S 300B(1)(a)(i) amended by No 82 of 1993.

300B(2) [Amendment of assessment]  

Where:

(a) the Commissioner makes the assessment; and

(b) either:

(i) the Australian Prudential Regulation Authority has not received:

(A) if the anticipated notice, or any of the anticipated notices, is a notice under subsection 342(2) of the SIS Act - the application, certificates, other documents and fee referred to in subsection 342(3) of that Act in relation to the fund by the end of 12 months after the Commissioner of Taxation makes the assessment, or by such date as is prescribed by the regulations, whichever is the earlier; or

(B) if the anticipated notice, or any of the anticipated notices, is a notice under subsection 342(7) of the SIS Act - any thing required to be given in relation to the notice under regulations for the purposes of that subsection by the end of 12 months after the Commissioner of Taxation makes the assessment, or by the time by which the thing is required by the regulations to be given, whichever is the earlier; or

(ii) the Commissioner of Taxation becomes satisfied that the anticipated notice or any of the anticipated notices will not be given, or that there will not be a pre-1 July 88 funding credit balance of the fund of the specified amount referred to in paragraph (1)(c) as at the beginning of the last day of the year of income;

then, notwithstanding section 170 of this Act, the Commissioner of Taxation may amend the assessment for the purpose of ensuring that this Act has effect as if the application of subsection (1) in relation to the fund for the year of income were disregarded.

S 300B amended by No 48 of 1998, No 82 of 1993 and inserted by No 105 of 1989.