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

Schedule 3   AMENDMENTS RELATING TO SUPERANNUATION

Part 2   INCOME TAX ASSESSMENT ACT 1936

Division 3   Non-complying superannuation funds that were previously complying superannuation funds

20   After subsection 160AF(1)

Insert:

"(1A) References in subsection (1) to a taxpayer include references to the trustee of a non-complying superannuation fund referred to in subsection 288A(2).

"(1B) If:

(a) the assessable income of a year of income (the 'current year of income') of a superannuation fund that is a resident superannuation fund in relation to the current year of income includes the fund's net previous income in respect of previous years of income (as defined by subsection 288A(2)); and

(b) the trustee of the fund has paid foreign tax in respect of that net previous income;

the trustee is not entitled to a credit of any part of the foreign tax that was paid before the beginning of the current year of income.".