Taxation Laws Amendment Act (No. 2) 2002 (57 of 2002)

Schedule 4   Refundable tax offsets

Part 2   Non-complying superannuation funds and non-complying ADFs

Income Tax Assessment Act 1997

6   After subsection 67-25(1)

Insert:

(1A) The *tax offset referred to in paragraph (1)(a) is not subject to the refundable tax offset rules if the shareholder entitled to the rebate is the trustee of a *non-complying superannuation fund or a *non-complying ADF.

(1B) The *tax offset referred to in paragraph (1)(c) is subject to the refundable tax offset rules only if the trustee entitled to the rebate is liable to be assessed under section 99 of the Income Tax Assessment Act 1936.

(1C) The *tax offset referred to in paragraph (1)(d) is not subject to the refundable tax offset rules if the taxpayer entitled to the rebate is the trustee of a *non-complying superannuation fund or a *non-complying ADF.