Taxation Laws Amendment Act (No. 4) 1994 (181 of 1994)

Schedule 1   AMENDMENTS OF THE INCOME TAX ASSESSMENT ACT 1936

Part 4   RETURN OF DEDUCTED SUPERANNUATION CONTRIBUTIONS

87   Section 82AAQ

Add at the end:

"(2) If:

(a) a taxpayer has, under this Act or the previous Act, been allowed in an assessment in respect of income of any year of income a deduction in respect of an amount set apart or paid as or to a fund (the 'original fund') for the purpose of making provision for superannuation benefits for, or for dependants of, an employee; and

(b) either:

(i) a person (the 'recipient') other than the taxpayer receives in the year of income a payment or benefit from the original fund or a successor fund of the original fund, other than in the capacity as a member of the fund; or

(ii) the taxpayer (also the 'recipient') receives in the year of income a payment or benefit from a successor fund of the original fund, other than in the capacity as a member of the fund; and

(c) the making of the payment or providing of the benefit reasonably represents the return to any extent of the amount, or earnings on the amount, set apart or paid as mentioned in paragraph (a);

the amount of the payment, or value of the benefit, is, to the extent that it reasonably represents the return as mentioned in paragraph (c), included in the recipient's assessable income of the year of income.

"(3) A fund that provides superannuation benefits (the 'test fund') is a 'successor fund' of the original fund if:

(a) the original fund, or any other fund that is a successor fund of the original fund because of another application of this subsection, has transferred any of its assets to the test fund; or

(b) an eligible termination payment (within the meaning of section 27A) made in relation to a member of:

(i) the original fund; or

(ii) any other fund that is a successor fund of the original fund because of another application of this subsection;

is, because of the payment of an amount to the test fund, taken to be rolled-over within the meaning of that section.".