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

Schedule 3   Other amendments

Income Tax Assessment Act 1997

14   Subsection 290-85(3)

Repeal the subsection, substitute:

(3) Despite subsection 290-60(2):

(a) if subsection (1) applies - the condition in section 290-70 must be satisfied at the most recent time when the other person was your employee (apart from subsection (2) of this section); or

(b) if subsection (1A) applies:

(i) the condition in section 290-70 need not be satisfied; and

(ii) instead, the condition in subsection 290-90(4) must be satisfied at the most recent time when the other person was the company's or entity's employee.