Document ID: chunk:federal_register_of_legislation:C2025C00134:section:42:p1
Version: federal_register_of_legislation:C2025C00134
Segment Type: section
Provision Reference: s 42 (pt 1/4)
Character Range: 329320–331911

42  Complying superannuation fund
 (1) An entity is a complying superannuation fund in relation to a year of income for the purposes of this Division if:
 (a) either:
 (i) the entity was a resident regulated superannuation fund at all times during the year of income when the entity was in existence; or
 (ii) the entity was a resident regulated superannuation fund at all times during the year of income when the entity was in existence other than a time, before it became a resident regulated superannuation fund, when the entity was a resident approved deposit fund; and
 (b) either of the following conditions is satisfied:
 (i) no trustee of the entity contravened any of the regulatory provisions in relation to the entity in respect of the year of income;
 (ii) both:
 (A) a trustee of the entity contravened one or more of the regulatory provisions in relation to the entity in respect of the year of income on one or more occasions; and
 (B) the entity did not fail the culpability test set out in subsection (1A) in relation to any of those contraventions; and
 (c) the entity was not a self managed superannuation fund at any time during the year of income.
 (1AA) An entity is also a complying superannuation fund in relation to the 1994‑95 year of income or a later year of income if:
 (a) the entity:
 (i) is a superannuation fund that came into existence during the year of income; or
 (ii) was a resident approved deposit fund that became a superannuation fund during the year of income; and
 (b) the entity complied with subsections 19(2) to (4):
 (i) within 60 days after the day on which it came into existence or became a superannuation fund, as the case may be; or
 (ii) within such further period, if any, as the Commissioner of Taxation (whether before or after the end of the period of 60 days) allows; and
 (c) either of the following conditions is satisfied:
 (i) no trustee of the entity contravened any of the regulatory provisions in relation to the entity in respect of the whole of the period (the pre‑lodgment period) that began when the entity came into existence or became a superannuation fund, as the case may be, and ended when the entity complied with subsections 19(2) to (4);
 (ii) a trustee of the entity contravened one or more of the regulatory provisions in relation to the entity in respect of the pre‑lodgment period on one or more occasions but the Commissioner of Taxation is satisfied that, because of special circumstances that existed in relation to the fund during the pre‑lodgment period, it would be reasonable for the fund to be treated