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

Schedule 3   AMENDMENTS RELATING TO SUPERANNUATION

Part 2   INCOME TAX ASSESSMENT ACT 1936

Division 4   Resident superannuation funds that were previously non-resident superannuation funds

26   Before subsection 160AF(2)

Insert:

"(1C) References in subsection (1) to a taxpayer include references to the trustee of a resident superannuation fund referred to in subsection 288B(2).

"(1D) 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 288B(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.".


Copyright notice

© Australian Taxation Office for the Commonwealth of Australia

You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).