Superannuation Industry (Supervision) Consequential Amendments Act 1993 (82 of 1993)

Part 5   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

29   Interpretation

 

(1) Section 267 of the Principal Act is amended by omitting from subsection (1) the definitions of "OSS Act" and "OSS notice".
        

      

(2) Section 267 of the Principal Act is amended by omitting from subsection (1) the definitions of "complying ADF", "complying superannuation fund", "dependant", "non-complying superannuation fund" and "pooled superannuation trust" or "PST" and substituting the following definitions:
        

" 'complying ADF' has the meaning given to 'complying approved deposit fund' by section 47 of the SIS Act;

'complying superannuation fund' has the meaning given by section 45 of the SIS Act;

'dependant' has the same meaning as in the SIS Act;

'non-complying superannuation fund', in relation to a year of income, means a fund that, at all times during the year of income when the fund is in existence, is a provident, benefit, superannuation or retirement fund, but does not include a fund that is a complying superannuation fund in relation to the year of income;

'pooled superannuation trust' has the meaning given by section 48 of the SIS Act;

'PST' means a pooled superannuation trust;".

      

(3) Section 267 of the Principal Act is amended by inserting in subsection (1) the following definition:
        

" 'SIS Act' means the Superannuation Industry (Supervision) Act 1993;".

      

(4) Section 267 of the Principal Act is amended:
        

(a) by omitting from the definition of "annuity" in subsection (1) "3 of the Occupational Superannuation Standards Act 1987" and substituting "10 of the SIS Act";
        

(b) by omitting subparagraph (c)(ii) of the definition of "death or disability benefit" in subsection (1) and substituting the following subparagraph:
        

"(ii) if there is in force at the beginning of the disability period an approval given in relation to the fund for the purposes of section 62 of the SIS Act and that approval specifies a maximum period for the provision of such benefits-that period;";

(c) by omitting from the definition of "foreign approved deposit fund" in subsection (1) "OSS Act" (first occurring) and substituting "SIS Act";
        

(d) by omitting from paragraph (b) of the definition of "foreign approved deposit fund" in subsection (1) "subsection 3(1) of the OSS Act" and substituting "section 10 of the SIS Act";
        

(e) by omitting from the definition of "non-complying ADF" in subsection (1) "OSS Act" and substituting "SIS Act";
        

(f) by omitting from the definition of "pension" in subsection (1) "3 of the Occupational Superannuation Standards Act 1987" and substituting "10 of the SIS Act".
        

      

(5) Section 267 of the Principal Act is amended by adding at the end the following subsection:
        

"(4) A reference in this Part to, or to a provision of, section 342 of the SIS Act includes a reference to, or to the corresponding provision of, the repealed section 15D of the Occupational Superannuation Standards Act 1987 (including that section as it continues to apply because of the Occupational Superannuation Standards Amendment Act 1993).".