S 275A repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-08 income year and later years. S 275A formerly read:
SECTION 275A PRE-1 JULY 88 FUNDING CREDIT BALANCE
275A(1)
[Definition]
For the purposes of this Division, the pre-1 July 88 funding credit balance of a fund at a particular time in a year of income is the amount (if any) by which the total of the pre-1 July 88 funding credits of the fund arising in the year of income and before that time exceeds the total of the pre-1 July 88 funding debits arising in the year of income and before that time.
275A(2)
[Notice by APRA of amount of credit]
If the Australian Prudential Regulation Authority has given a notice under subsection
342(2)
of the SIS Act granting the trustee of a fund a pre-1 July 88 funding credit, there shall be taken to have arisen, at the beginning of the year of income in which 1 July 1988 occurs, a pre-1 July 88 funding credit of the fund as specified in the notice.
History
S 275A(2) amended by No 48 of 1998 and No 82 of 1993.
275A(3)
[Election re application of credits]
If the trustee of a fund makes an election under subsection
275B(1)
for a year of income in relation to a particular amount, there shall be taken to have arisen, immediately before the end of the year of income, a pre-1 July 88 funding debit equal to that amount.
275A(4)
[Pre-1 July 88 funding debit deemed to have arisen]
If the Australian Prudential Regulation Authority has given a notice under subsection
342(4)
of the SIS Act in relation to an event that has occurred (within the meaning of that subsection) in relation to a fund, there shall be taken to have arisen, at the end of the second-last day of the year of income in which the event occurred, a pre-1 July 88 funding debit equal to the pre-1 July 88 funding credit balance (if any) of the fund immediately before the end of that day.
History
S 275A(4) amended by No 48 of 1998 and No 82 of 1993.
275A(5)
[Notice re deemed debit]
If the Australian Prudential Regulation Authority has given a notice under subsection
342(6)
of the SIS Act granting the trustee of a fund a pre-1 July 88 funding debit, in relation to an event that has occurred (within the meaning of that subsection) in relation to a fund, there shall be taken to have arisen, immediately after the beginning of the second-last day of the year of income in which the event occurred, a pre-1 July 88 funding debit equal to the amount specified in the notice.
History
S 275A(5) amended by No 48 of 1998 and No 82 of 1993.
275A(6)
[Effect of notice approving transfer of credit]
If the Australian Prudential Regulation Authority gives a notice under regulations made for the purposes of subsection
342(7)
of the SIS Act approving the transfer of a pre-1 July 88 funding credit of a fund (in this subsection called the
"
transferor
"
) to another fund (in this subsection called the
"
transferee
"
):
(a)
there shall be taken to have arisen, immediately after the beginning of the second-last day of the year of income in which the time that the transfer has effect under those regulations occurs, a pre-1 July 88 funding debit of the transferor equal to the amount transferred; and
(b)
there shall be taken to have arisen, at the beginning of the second-last day of the year of income in which the time the transfer has effect under those regulations occurs, a pre-1 July 88 funding credit of the transferee equal to the amount transferred.
History
S 275A(6) amended by No 48 of 1998 and No 82 of 1993.
275A(7)
[Indexation]
If a fund has a pre-1 July 88 funding credit balance at the end of a year of income, there shall be taken to have arisen, at the beginning of the next year of income, a pre-1 July 88 funding credit equal to the amount calculated by multiplying that pre-1 July 88 credit balance by the indexation factor calculated under subsection
159SG(2)
for the next year of income.
S 275A inserted by No 105 of 1989.
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