Document ID: chunk:federal_register_of_legislation:C2004C01337:clause:1_252g:p2
Version: federal_register_of_legislation:C2004C01337
Segment Type: clause
Provision Reference: sch 1 cl 252G (pt 2/3)
Character Range: 50719–53318

fund changed status during the designated year of income). Levy will be payable on lodgment of any such return.

Outstanding levy—self managed funds

 (3) If:
 (a) a superannuation fund was a self managed superannuation fund at either of the following times:
 (i) the end of the last day of a designated year of income; or
 (ii) if the fund ceased to exist during a designated year of income—the time at which the fund ceased to exist; and
 (b) at that time, an amount was payable by the trustee of the superannuation fund to APRA on behalf of the Commonwealth under a prescribed Act in respect of a previous year of income;
then:
 (c) the amount is taken (subject to any later application of this section) to be payable by the trustee of the superannuation fund, immediately after the that time, to the Commissioner of Taxation on behalf of the Commonwealth; and
 (d) the Commissioner of Taxation has the same power to waive or remit the amount as APRA would have had if this subsection had not been enacted.

Outstanding levy—other funds

 (4) If:
 (a) a superannuation fund was a fund other than a self managed superannuation fund at either of the following times:
 (i) the end of the last day of a designated year of income; or
 (ii) if the fund ceased to exist during a designated year of income—the time at which the fund ceased to exist; and
 (b) at that time, an amount was payable by the trustee of the superannuation fund to the Commissioner of Taxation under a prescribed Act in respect of a previous year of income;
then:
 (c) the amount is taken (subject to any later application of this section) to be payable by the trustee of the superannuation fund, immediately after that time, to APRA on behalf of the Commonwealth; and
 (d) APRA has the same power to waive or remit the amount as the Commissioner of Taxation would have had if this subsection had not been enacted.

Regulations

 (5) The regulations may prescribe exceptions to the rules set out in subsections (1) to (4), including, but not limited to the following:
 (a) prescribing that, in specified circumstances, the trustee of a superannuation fund is taken to be under an obligation to give a return, report or information to APRA rather than to the Commissioner of Taxation, or to the Commissioner of Taxation rather than to APRA;
 (b) prescribing that, in specified circumstances, an amount is taken to be payable by the trustee of a superannuation fund to APRA rather than to the Commissioner of Taxation, or to the Commissioner of Taxation rather than to APRA.

Definitions

 (6) In this section:

amount means an