Taxation Laws Amendment (Superannuation) Act 1993 (7 of 1993)

PART 2   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 3   Amendments relating to notification requirements for superannuation contributions

9   Taxable contributions

Section 274 of the Principal Act is amended:

(a) by omitting from subsection (1) "are taxable contributions" and substituting "in a year of income ('the contribution year') are taxable contributions in relation to the contribution year";

(b) by omitting subparagraph (1)(b)(i) and substituting the following subparagraph:

"(i) a contribution of the kind mentioned in paragraph 82AAT(1)(b), to the extent to which the contribution:

(A) is covered by a notice under subsection 82AAT(1A) received by the trustee of the fund before the date on which the trustee lodges the return of income of the fund for the contribution year; and

(B) has not been rolled-over as mentioned in paragraph 27A(13)(a);";

(c) by omitting subsections (2) to (5) (inclusive) and substituting the following subsection:

"(2) Subject to this Division, if:

(a) in a year of income ('the notice year') the trustee of a fund receives a notice under subsection 82AAT(1A) in relation to contributions that were made to the fund during a year of income ('the contribution year') in relation to which the fund was a complying superannuation fund; and

(b) the trustee receives the notice after the date on which the trustee lodged the return of income of the fund for the contribution year;

the contributions, to the extent to which they are covered by the notice, are taxable contributions in relation to the notice year.".