Income Tax Assessment (1997 Act) Regulations 2021

CHAPTER 7 - TRANSITIONAL MATTERS  

PART 1000-1 - TRANSITIONAL MATTERS RELATING TO THE REPEAL OF THE INCOME TAX ASSESSMENT REGULATIONS 1997  

SECTION 1000-1.07   APPLICATION OF PRE-1 JULY 88 FUNDING CREDITS  

1000-1.07(1)    
Paragraph 295-265.01(8)(b) has effect as if the reference to method 1 included a reference to method 1 within the meaning of subregulation 295-265.01(12) of the old regulations.

1000-1.07(2)    
Step 1 of the method statement in subsection 295-265.05(1) has effect as if the value of pre-1 July 88 liabilities of a superannuation fund for an income year starting before the commencement time were:

(a)    if method 2 (within the meaning of subregulation 295-265.01(12) of the old regulations) was used in relation to the superannuation fund for the income year - the notionally updated value of pre-1 July 1988 liabilities worked out under regulation 295-265.01 of the old regulations for the income year in relation to the superannuation fund; or

(b)    in any other case - the value of pre-1 July 1988 liabilities worked out under regulation 295-265.01 of the old regulations for the income year in relation to the superannuation fund.

1000-1.07(3)    
Step 2 of the method statement in subsection 295-265.05(1) has effect as if the assets available to fund pre-1 July 88 liabilities of a superannuation fund for an income year starting before the commencement time were:

(a)    if method 2 (within the meaning of subregulation 295-265.01(12) of the old regulations) was used in relation to the superannuation fund for the income year - the notionally updated amount of assets available to fund pre-1 July 1988 liabilities worked out under regulation 295-265.01 of the old regulations for the income year in relation to the superannuation fund; or

(b)    in any other case - the assets available to fund pre-1 July 1988 liabilities worked out under regulation 295-265.01 of the old regulations for the income year in relation to the superannuation fund.