Tax Laws Amendment (2011 Measures No. 2) Act 2011 (41 of 2011)

Schedule 5  

Part 2   Approved worker entitlement funds

Fringe Benefits Tax Assessment Act 1986

4   Subsections 58PB(2) and (3)

Repeal the subsections, substitute:

Endorsed funds

(2) A fund is also an approved worker entitlement fund if:

(a) the fund is endorsed as an approved worker entitlement fund under subsection (3); or

(b) the entity that operates the fund is endorsed for the operation of the fund under subsection (3A).

(3) The Commissioner must endorse a fund as an approved worker entitlement fund if:

(a) the fund is entitled to be endorsed as an approved worker entitlement fund (see subsection (4)); and

(b) the fund has applied for the endorsement in accordance with Division 426 in Schedule 1 to the Taxation Administration Act 1953.

(3A) The Commissioner must endorse an entity for the operation of a fund as an approved worker entitlement fund if:

(a) the entity is entitled to be endorsed for the operation of the fund as an approved worker entitlement fund (see subsection (4A)); and

(b) the entity has applied for the endorsement in accordance with Division 426 in Schedule 1 to the Taxation Administration Act 1953.