S 58PC repealed by No 41 of 2011, s 3 and Sch 5 item 8, effective 28 June 2011. For transitional provisions see note under s 58PB(2). S 58PC formerly read:
SECTION 58PC EXEMPT BENEFITS
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EXISTING WORKER ENTITLEMENT FUNDS
58PC(1)
If:
(a)
a person makes a contribution to an existing worker entitlement fund or an approved worker entitlement fund; and
(b)
the contribution is made in accordance with existing industrial practice; and
(c)
the contribution is either:
(i)
made for the purposes of ensuring that an obligation to make leave payments (including payments in lieu of leave) or payments when an employee ceases employment is met; or
(ii)
for the reasonable administrative costs of the fund; and
(d)
the contribution is made during the FBT year beginning on 1 April 2003, 1 April 2004 or 1 April 2005;
the contribution is an exempt benefit.
History
S 58PC(1) amended by No 78 of 2005, No 105 of 2004.
58PC(2)
A fund is an
existing worker entitlement fund
if the fund accepted contributions during the FBT year beginning on 1 April 2002 for the purposes of ensuring that obligations to make leave payments (including payments in lieu of leave) or payments when an employee ceases employment are met.
58PC(3)
A contribution is made in accordance with
existing industrial practice
if the taxpayer or another person in the taxpayer's industry:
(a)
made payments in the FBT year beginning on 1 April 2002 to an existing worker entitlement fund; or
(b)
made payments in the FBT year beginning on 1 April 2003 to an approved worker entitlement fund;
for the purposes of ensuring that an obligation to make leave payments (including payments in lieu of leave) or payments when an employee ceases employment is met.
History
S 58PC(3) substituted by No 105 of 2004.
S 58PC inserted by No 66 of 2003.
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