Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p37
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 89336–92090

in working out the taxable
income of superannuation funds, approved deposit funds and
pooled superannuation trusts.
  15. Subsection 267(1) (definition of "foreign approved
deposit fund"):
Omit the definition.
  16. Section 272:
Omit all the words after "taxpayer", substitute:
  "and:
  (a) if the eligible entity is a non-resident superannuation
fund in relation to the year of income concerned - a
non-resident; or
  (b) otherwise - a resident.".
  17. Application
The amendments made by this Division apply in relation to a
fund for the 1994-95 year of income of the fund and for each
later year of income.
    Division 3 - Non-complying superannuation funds that were
           previously complying superannuation funds
  18. Object
The object of this Division is to provide for a non-complying
superannuation fund that was previously a complying
superannuation fund to be liable for tax on the value of its
assets less any undeducted contributions in the fund.
  19. After subsection 6AB(1):
Insert:
  "(1A) A reference in this Act to foreign income includes a
reference to net previous income referred to in subsection
288A(2).".
  20. After subsection 160AF(1):
Insert:
  "(1A) References in subsection (1) to a taxpayer include
references to the trustee of a non-complying superannuation
fund referred to in subsection 288A(2).
  "(1B) If:
  (a) the assessable income of a year of income (the 'current
year of income') of a superannuation fund that is a resident
superannuation fund in relation to the current year of income
includes the fund's net previous income in respect of previous
years of income (as defined by subsection 288A(2)); and
  (b) the trustee of the fund has paid foreign tax in respect
of that net previous income;
the trustee is not entitled to a credit of any part of the
foreign tax that was paid before the beginning of the current
year of income.".
  21. After subsection 160ZA(4A):
Insert:
  "(4AA) If:
  (a) apart from this subsection a capital gain (the 'notional
capital gain') would be taken for the purposes of this Part to
have accrued during the year of income to a taxpayer that is
the trustee of a superannuation fund in respect of the disposal
of an asset; and
  (b) the market value of the asset was taken into account in
determining the fund's net previous income in respect of
previous years of income under section 288A;
the following paragraphs have effect:
  (c) if the notional capital gain exceeds the amount that,
apart from this subsection, would have been taken for the
purposes of this Part to have accrued during the year of income
to the taxpayer in respect of the disposal of the asset if the
consideration in respect of the disposal had been equal to the
market value referred to in paragraph