Document ID: chunk:federal_register_of_legislation:C2025C00134:section:42a:p4
Version: federal_register_of_legislation:C2025C00134
Segment Type: section
Provision Reference: s 42A (pt 4/4)
Character Range: 345758–348040

the year of income occurring after the end of the rectification period; and
 (f) in respect of the part of the year of income occurring after the end of the rectification period, both:
 (i) the entity passed the test in subsection (5) in respect of the part or parts of the year of income occurring after the end of the rectification period, during which the entity was a self managed superannuation fund; and
 (ii) if a trustee of the entity contravened one or more of the regulatory provisions in relation to the entity in respect of any other part or parts of the year of income occurring after the end of the rectification period, during which the entity was not a self managed superannuation fund—the entity did not fail the culpability test set out in subsection 42(1A) in relation to any of those contraventions.

Circumstances in which entity passes the test in this subsection
 (5) An entity passes the test in this subsection in relation to a year of income or part of a year of income if:
 (a) no trustee of the entity contravened any of the regulatory provisions in relation to the entity during the year of income or the part of the year of income; or
 (b) if a trustee of the entity contravened one or more of the regulatory provisions in relation to the entity during the year of income or the part of the year of income, the Regulator, after considering:
 (i) the taxation consequences that would arise if the entity were to be treated as a non‑complying superannuation fund for the purposes of the Income Tax Assessment Act 1997 in relation to the year of income concerned; and
 (ii) the seriousness of the contravention or contraventions; and
 (iii) all other relevant circumstances;
  thinks that a notice should nevertheless be given stating that the entity is a complying superannuation fund in relation to the year of income concerned.

Determining whether contravention
 (6) In determining for the purposes of this section whether any of the regulatory provisions were contravened in respect of the entity in respect of the pre‑lodgment period or the rectification period, the regulatory provisions are taken to have applied in relation to the entity in respect of that period as if the entity were a resident regulated superannuation fund during that period.