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

Schedule 3   AMENDMENTS RELATING TO SUPERANNUATION

Part 2   INCOME TAX ASSESSMENT ACT 1936

Division 11   Lump sum payments made from resident non-complying superannuation funds

69   Subsection 27A(1)

Insert:

"'eligible resident non-complying superannuation fund', at a particular time (the 'relevant time'), means a fund:

(a) that:

(i) is a continuously non-complying superannuation fund (as defined by subsection 267(1)) at the relevant time; or

(ii) is a non-complying superannuation fund at the relevant time and ceased, or last ceased, to be a complying superannuation fund on or after 1 July 1995; and

(b) that:

(i) is a resident superannuation fund at the relevant time, or was a resident superannuation fund at any previous time in the year of income in which the relevant time occurred, and has always been a resident superannuation fund in relation to the years of income preceding that year of income; or

(ii) is a resident superannuation fund at the relevant time, or was a resident superannuation fund at any previous time in the year of income in which the relevant time occurred, and ceased, or last ceased, to be a non-resident superannuation fund in relation to a previous year of income on or after 1 July 1995;".