SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 5 - NOTICES ABOUT COMPLYING FUND STATUS  

Division 3 - Complying fund status for tax purposes  

SECTION 49   TRANSITIONAL - NOTICES UNDER THE REPEALED PROVISIONS OF THE OCCUPATIONAL SUPERANNUATION STANDARDS ACT 1987  

49(1)   Superannuation funds - positive.  

For the purposes of paragraph 41(2)(b) and this Division, if:


(a) a notice under repealed section 12 or 13 of the Occupational Superannuation Standards Act 1987 stated that the Commissioner is satisfied that:


(i) a fund satisfied the superannuation fund conditions in relation to a year of income; or

(ii) a fund should be treated as if it had satisfied the superannuation fund conditions in relation to a year of income; and


(b) the year of income is the 1993-94 year of income or an earlier year of income;

the notice has effect as if it were a notice under section 40 stating that the fund is a complying superannuation fund in relation to the year of income.

49(2)   ADFs - positive.  

For the purposes of paragraph 41(2)(b) and this Division, if:


(a) a notice under repealed section 14 or 15 of the Occupational Superannuation Standards Act 1987 stated that the Commissioner is satisfied that:


(i) a fund satisfied the approved deposit fund conditions in relation to a year of income; or

(ii) a fund should be treated as if it had satisfied the approved deposit fund conditions in relation to a year of income; and


(b) the year of income is the 1993-94 year of income or an earlier year of income;

the notice has effect as if it were a notice under section 40 stating that the fund is a complying approved deposit fund in relation to the year of income.

49(3)   PSTs - positive.  

For the purposes of paragraph 41(2)(b) and this Division, if:


(a) a notice under repealed section 15B or 15C of the Occupational Superannuation Standards Act 1987 stated that the Commissioner is satisfied that:


(i) a trust satisfied the pooled superannuation trust conditions in relation to a year of income; or

(ii) a trust should be treated as if it had satisfied the pooled superannuation trust conditions in relation to a year of income; and


(b) the year of income is the 1993-94 year of income or an earlier year of income;

the notice has effect as if it were a notice under section 40 stating that the trust is a pooled superannuation trust in relation to the year of income.

49(4)   Superannuation funds - negative.  

For the purposes of paragraph 41(2)(b) and this Division, if:


(a) a notice under the repealed section 12 or 13 of the Occupational Superannuation Standards Act 1987 stated that the Commissioner is not satisfied that a fund satisfied the superannuation fund conditions in relation to a year of income; and


(b) the year of income is the 1993-94 year of income or an earlier year of income;

the notice has effect as if it were a notice under section 40 stating that the fund is not a complying superannuation fund in relation to the year of income.

49(5)   ADFs - negative.  

For the purposes of paragraph 41(2)(b) and this Division, if:


(a) a notice under the repealed section 14 or 15 of the Occupational Superannuation Standards Act 1987 stated that the Commissioner is not satisfied that a fund satisfied the approved deposit fund conditions in relation to a year of income; and


(b) the year of income is the 1993-94 year of income or an earlier year of income;

the notice has effect as if it were a notice under section 40 stating that the fund is not a complying approved deposit fund in relation to the year of income.

49(6)   PSTs - negative.  

For the purposes of paragraph 41(2)(b) and this Division, if:


(a) a notice under the repealed section 15B or 15C of the Occupational Superannuation Standards Act 1987 stated that the Commissioner is not satisfied that a trust satisfied the pooled superannuation trust conditions in relation to a year of income; and


(b) the year of income is the 1993-94 year of income or an earlier year of income;

the notice has effect as if it were a notice under section 40 stating that the trust is not a pooled superannuation trust in relation to the year of income.

49(7)   OSSA - continued operation.  

A reference in this section to a provision of the Occupational Superannuation Standards Act 1987 includes a reference to that provision as it continues to apply, despite its repeal, because of the Occupational Superannuation Standards Amendment Act 1993 .




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