Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p26
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 62474–65056

successor fund of the
original fund because of another application of this
subsection;
is, because of the payment of an amount to the test fund, taken
to be rolled-over within the meaning of that section.".
  88. Application
The amendment made by this Part applies to payments or benefits
received on or after 1 July 1988.
                   PART 5 - CREDIT UNIONS
  89. Subsection 6H(5):
Omit the subsection, substitute:
  "(5) For the purposes of this section, the notional taxable
income of a credit union of a year of income is the amount that
would be its taxable income of the year of income if:
  (a) section 23G did not apply to income derived by it in the
1994-95 year of income or any later year of income; and
  (b) Division 9 of Part III had not been enacted.".
  90. Application
The amendment made by this Part applies to assessments in
respect of income of the 1994-95 year of income and of all
later years of income.

TAXATION LAWS AMENDMENT ACT (No. 4) 1994 No. 181 of 1994 - SCHEDULE 2

                           SCHEDULE 2                       Section 3
       AMENDMENTS RELATING TO POOLED DEVELOPMENT FUNDS
             PART 1 - INCOME TAX RATES ACT 1986
  1. Object
The object of this Part is to reduce the rate of tax payable by
a pooled development fund ("PDF") in respect of its "SME income
component" from 25% to 15%. The "SME income component" is based
on income derived by the PDF from investments in certain small
and medium enterprises.
  2. Subsection 3(1):
Insert:
  "'SME income component' has the same meaning as in
Subdivision B of Division 10E of Part III of the Assessment
Act;
  'unregulated investment component' has the same meaning as in
Subdivision B of Division 10E of Part III of the Assessment
Act.".
  3. Subsections 23(4C) and (4D):
Omit the subsections, substitute:
  "(4C) The rates of tax in respect of the taxable income of a
company that becomes a PDF during a year of income and is still
a PDF at the end of the year of income are:
  (a) in respect of the SME income component - 15%; and
  (b) in respect of the unregulated investment component - 25%;
and
  (c) in respect of so much of the taxable income as exceeds
the PDF component - 33%.
  "(4D) The rates of tax in respect of the taxable income of a
company that is a PDF throughout the year of income are:
  (a) in respect of the SME income component - 15%; and
  (b) in respect of the unregulated investment component -
25%.".
  4. Application
The amendments made by this Part apply to assessments in
respect of income of the 1994-95 year of income and of all
later years