Industry, Tourism and Resources Legislation Amendment Act 2003 (21 of 2003)

Schedule 1   Miscellaneous amendments and repeals

Pooled Development Funds Act 1992

16   Certain shareholdings in PDFs do not contravene section 31

 

(1) Section 31 of the Pooled Development Funds Act 1992 is taken to have applied in relation to a PDF during the period:

(a) starting on 8 October 1999; and

(b) ending on the commencement of this item;

as if paragraph 4A(1)(a) of that Act were required to be ignored in determining whether a fund was a widely-held complying superannuation fund .

Note: Paragraph 4A(1)(a) would have required that the fund not be an excluded superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993).

      

(2) If:

(a) because of the effect of subitem (1), a person's holding of shares in a PDF immediately before the commencement of this item did not contravene section 31 of the Pooled Development Funds Act 1992 as then in force; but

(b) that holding of those shares would, but for this subitem, result in a contravention of section 31 of that Act as it applies after the commencement of this item;

then the following provisions have effect:

(c) subject to paragraph (e), the person's continued holding of those shares in the PDF after that commencement is to be disregarded when applying section 31 of that Act as then in force to the person and the person's associates;

(d) if, after that commencement, any bonus shares in the PDF are issued to the person because the person is the holder of the shares referred to in paragraph (c), then, subject to paragraph (e), the person's holding of those bonus shares is to be disregarded when applying section 31 of that Act as then in force to the person and the person's associates;

(e) however, if, after that commencement, the person, or any of the person's associates, acquires additional shares in the PDF (otherwise than as mentioned in paragraph (d)), the shares to which paragraphs (c) and (d) apply are to be taken into account in determining whether the acquisition of those additional shares complies with section 31 of that Act as then in force.