INCOME TAX ASSESSMENT ACT 1936

SCHEDULE 2D - TAX EXEMPT ENTITIES THAT BECOME TAXABLE  

Division 57 - Tax exempt entities that become taxable  

Subdivision 57-F - 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.


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