Taxation Laws Amendment Act (No. 4) 1994 (181 of 1994)

Schedule 3   AMENDMENTS RELATING TO SUPERANNUATION

Part 4   SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

Division 2   Amendments relating to contraventions that are taken into account in determining 'complying superannuation fund' status

110   Paragraph 42(1)(b)

Omit the paragraph, substitute:

"(b) either of the following conditions is satisfied:

(i) the trustee did not contravene this Act or the regulations in relation to the entity in respect of the year of income;

(ii) both:

(A) the trustee contravened this Act or the regulations in relation to the entity in respect of the year of income on one or more occasions; and

(B) the entity did not fail the culpability test set out in subsection (1A) in relation to any of those contraventions.".