Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

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History

Part 3-30 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.

Division 295 - Taxation of superannuation entities  

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Div 295 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.

Subdivision 295-A - Provisions of general operation  

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Subdiv 295-A inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.

SECTION 295-25   Assessments on basis of anticipated SIS Act notice  

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295-25(1)    
The Commissioner may make an assessment for a fund or trust that is not a *complying superannuation entity for the income year as if it were such an entity if the Commissioner considers it likely that a notice will be given under section 40 of the Superannuation Industry (Supervision) Act 1993 having the effect that it will become such an entity.

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S 295-25(1) amended by No 64 of 2020, s 3 and Sch 3 item 95, by substituting " *complying superannuation entity " for " *complying superannuation fund, *complying approved deposit fund or *pooled superannuation trust " , effective 1 July 2020.

295-25(2)    
However, the grounds for making an assessment under subsection (1) are taken never to have existed if:

(a) the Commissioner becomes satisfied that the notice will not be given; or

(b) *APRA does not receive the documents referred to in subsection 36(1) of the Superannuation Industry (Supervision) Act 1993 about the fund or trust before the end of 12 months after the assessment is made.

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S 295-25 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.

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