Income Tax Assessment Act 1936
SCHEDULE 2D
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TAX EXEMPT ENTITIES THAT BECOME TAXABLE
Division 57
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Tax exempt entities that become taxable
Subdivision 57-F
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Superannuation deductions
SECTION 57-52
57-52
SECTION 57-50 DOES NOT APPLY IF THERE IS A SURPLUS AT TRANSITION TIME
Section 57-50 does not apply to a deduction of the kind mentioned in subsection 57-50(1) if:
(a) at the transition time, according to the accounts of the fund concerned, an amount is available to meet liabilities of the transition taxpayer in relation to the fund to provide superannuation benefits for, or for dependants of, employees of the transition taxpayer; and
(b) the amount exceeds the value (as worked out according to actuarial principles) of the liabilities of that kind that have accrued as at the transition time.
View history note
Hide history noteSection 57-50 does not apply to a deduction of the kind mentioned in subsection 57-50(1) if:
(a) at the transition time, according to the accounts of the fund concerned, an amount is available to meet liabilities of the transition taxpayer in relation to the fund to provide superannuation benefits for, or for dependants of, employees of the transition taxpayer; and
(b) the amount exceeds the value (as worked out according to actuarial principles) of the liabilities of that kind that have accrued as at the transition time.
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