Tax Laws Amendment (2011 Measures No. 2) Act 2011 (41 of 2011)

Schedule 5  

Part 2   Approved worker entitlement funds

Taxation Administration Act 1953

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.