Income Tax Assessment Act 1936
Archived:
S 25 repealed as inoperative by No 101 of 2006 , s 3 and Sch 1 item 52, effective 14 September 2006. For application and savings provisions and for former wording see the CCH Australian Income Tax Legislation archive .
(Repealed by No 15 of 2007)
View history note
Hide history noteS 26AFB repealed by No 15 of 2007, s 3 and Sch 1 item 2, applicable to the 2007-2008 income year and later years. S 26AFB formerly read:
In this section:
"exempt fund"
Definition of
"
exempt fund
"
substituted by No 97 of 1989.
SECTION 26AFB ASSESSABLE INCOME TO INCLUDE CERTAIN BENEFITS
26AFB(1)
[
"
exempt fund
"
]
means:
(a)
a fund to which section
23FC
, as in force at any time before the commencement of section 1 of the
Taxation Laws Amendment Act (No. 2) 1989
, has applied in relation to any year of income; or
(b)
a fund that is or has been a complying superannuation fund, within the meaning of Part IX, in relation to any year of income.
26AFB(2) [Provision of benefit resulting in failure to comply with regulations]
Where:
(a) in a year of income and on or after the proclaimed superannuation standards day, a taxpayer receives or obtains a benefit of any kind out of, or attributable to assets of, an exempt fund;
(b) at the time when the benefit was provided, there were in force regulations for the purposes of subsection 31(1) of the Superannuation Industry (Supervision) Act 1993 prescribing standards applicable to the fund; and
(c) the provision of the benefit resulted in a failure of the fund to comply with such of those standards as are prescribed for the purposes of this section by regulations made under this Act;
the assessable income of the taxpayer of the year of income shall include the amount or value of that benefit.
S 26AFB(2) amended by No 82 of 1993.
26AFB(3) [Provision of benefit at time fund not a superannuation fund]
Where:
(a) in a year of income and on or after the proclaimed superannuation standards day, a taxpayer receives or obtains a benefit of any kind out of, or attributable to assets of, an exempt fund; and
(b) at the time when the benefit was provided:
(i) the fund was not a regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993 ; or
(ii) both:
(A) the fund was a regulated superannuation fund within the meaning of that Act; and
(B) the fund was not maintained as required by section 62 of that Act;
the assessable income of the taxpayer of the year of income shall include the amount or value of that benefit.
S 26AFB(3)(b) substituted by No 82 of 1993.
26AFB(4) [Commissioner ' s discretion not to apply subsec (2) or (3)]
Where:
(a) subsection (2) or (3) would, but for this subsection, apply to the amount or value of a benefit received or obtained by a taxpayer out of, or attributable to assets of, an exempt fund; and
(b) the Commissioner, having regard to:
(i) the nature of the fund; and
is satisfied that it would be unreasonable for subsection (2) or (3) to apply to the whole or a part of the benefit;
(ii) such other matters relating to the receiving or obtaining of the benefit by the taxpayer as the Commissioner considers relevant;
that subsection does not apply to the benefit, or to that part of the benefit, as the case may be.
26AFB(4A) [Wrongly provided RSA benefit]
If, in a year of income, a taxpayer receives or obtains a benefit of any kind out of, or attributable to, an RSA and the benefit is provided in breach of the Retirement Savings Accounts Act 1997 or regulations under that Act, the assessable income of the taxpayer of the year of income is to include the amount or value of that benefit.
S 26AFB(4A) inserted by No 62 of 1997.
26AFB(4B) [Where application of subsec (4A) unreasonable]
Subsection (4A) does not apply to a benefit, or to a part of a benefit, if the Commissioner, having regard to any matters relating to the receiving or obtaining of the benefit by the taxpayer as the Commissioner considers relevant, is satisfied that it would be unreasonable for that subsection to apply to the whole or to that part of the benefit.
S 26AFB(4B) inserted by No 62 of 1997.
26AFB(5) [Consideration for transfer of a right to receive benefit]
Where, in a year of income, a taxpayer receives valuable consideration in respect of the transfer by the taxpayer to another person (whether by assignment, by declaration of trust or by any other means) of a right (whether vested or contingent) to receive a benefit from an exempt fund, the assessable income of the taxpayer of the year of income shall include the amount or value of that consideration.
S 26AFB inserted by No 138 of 1987.
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