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

Schedule 3   AMENDMENTS RELATING TO SUPERANNUATION

Part 2   INCOME TAX ASSESSMENT ACT 1936

Division 4   Resident superannuation funds that were previously non-resident superannuation funds

28   Before Division 5 of Part IX

Insert:

"Division 4A - Resident superannuation fund that was previously a non-resident superannuation fund

Liability to taxation of resident fund that was previously a non-resident fund

"288B. (1) If a superannuation fund that is a resident superannuation fund in relation to the year of income (the 'current year of income') was a non-resident superannuation fund in relation to the immediately preceding year of income, the fund's assessable income of the current year of income includes the fund's net previous income in respect of previous years of income.

"(2) The fund's net previous income in respect of previous years of income is taken to be the amount worked out using the

formula:

Asset values less Members contributions where:

'Asset values' means the sum of the market values of the fund's assets immediately before the start of the current year of income;

'Members contributions' means the amount in the fund immediately before the start of the current year of income that represented the total contributions made by current members of the fund.".