Superannuation Legislation Amendment (Simplification) Act 2007 (15 of 2007)

Schedule 1   Consequential amendments etc.

Part 2   Other consequential amendments etc.

Income Tax (Transitional Provisions) Act 1997

267   Before section 301-85

Insert:

301-5 Extended application to certain foreign superannuation funds

(1) A foreign superannuation fund is covered by this section if:

(a) the fund has been a complying superannuation fund; and

(b) the fund last stopped being a complying superannuation fund after 1 July 1988 and before 1 July 1995.

(2) Division 301 of the Income Tax Assessment Act 1997 applies to payments to you from a foreign superannuation fund covered by this section because you are a member of the fund in the same way as it would apply if the payments were superannuation member benefits paid to you from a complying superannuation fund.