Income Tax Assessment Act 1997

Part 3-3 inserted by No 46 of 1998.

Div 126 inserted by No 46 of 1998.

S 126-130(2) amended by No 41 of 2011, s 3 and Sch 5 item 9, by substituting para (b), effective 28 June 2011. No 41 of 2011, s 3 and Sch 5 items 13 and 14 contain the following transitional provisions:

13 Transitional provision - approved worker entitlement funds  
Scope

(1)
This item applies to a fund that, just before the commencement of this item, was an approved worker entitlement fund under subsection 58PB(2) of the Fringe Benefits Tax Assessment Act 1986 .

Fund taken to have been endorsed

(2)
Treat the fund as having been endorsed, on that commencement, by the Commissioner under subsection 58PB(3) of that Act, as amended by this Part.

(3)
To avoid doubt, subitem (2) does not prevent the Commissioner from revoking that endorsement at a later time under section 426-55 in Schedule 1 to the Taxation Administration Act 1953 .

Fund not required to have ABN for 6 months

(4)
Paragraph 58PB(4)(f) of the Fringe Benefits Tax Assessment Act 1986 , as added by this Part, does not apply to the fund before the end of the period of 6 months starting on the day this item commences.
14 Transitional provision - Australian Business Registrar  
14
During the period of 18 months starting on the day this item commences, the Australian Business Registrar:

(a) may enter, but is not required to enter, in the Australian Business Register under subsection 426-65(1) in Schedule 1 to the Taxation Administration Act 1953 a statement that:

(i) an approved worker entitlement fund is endorsed as mentioned in paragraph (ba) of that subsection, as inserted by this Part; or

(ii) an entity is endorsed as mentioned in paragraph (bb) of that subsection, as inserted by this Part; and

(b) may publish on the Australian Taxation Office website, in relation to an approved worker entitlement fund:

(i) the name of the fund; and

(ii) the ABN (within the meaning of the A New Tax System (Australian Business Number) Act 1999 ) of the fund, or of the entity that operates the fund; and

(iii) the date on which the fund was endorsed as mentioned in paragraph (ba) of that subsection, or on which an entity was endorsed for the operation of the fund under paragraph (bb) of that subsection.

Para (b) formerly read:

(b) the amendment or replacement is done for the purpose of having the fund approved as an approved worker entitlement fund under subsection 58PB(2) of the Fringe Benefits Tax Assessment Act 1986 ; and

S 126-130(2) inserted by No 66 of 2003.

S 126-130 inserted by No 46 of 1998.