Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p40
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 96706–99364

the immediately preceding year of income,
the fund's assessable income of the current year of income
includes the fund's net previous income in respect of previous
years of income.
  "(2) The fund's net previous income in respect of previous
years of income is taken to be the amount worked out using the
formula:
           Asset values  less  Members contributions
where:
  'Asset values' means the sum of the market values of the
fund's assets immediately before the start of the current year
of income;
  'Members contributions' means the amount in the fund
immediately before the start of the current year of income that
represented the total contributions made by current members of
the fund.".
  29. Application
The amendments made by this Division apply in relation to a
fund for the 1995-96 year of income of the fund and for each
later year of income.
  Division 5 - Withholding tax exemptions for certain interest,
  dividend and royalty income of overseas superannuation funds
  30. Object
The object of this Division is to abolish withholding tax
exemptions for certain interest, dividend and royalty income of
overseas superannuation funds.
  31. Section 128A:
Add at the end:
  "(10) For the purposes of this Division, the trustee of a
provident, benefit, superannuation or retirement fund is a
non-resident at a particular time if, and only if, the fund is a
non-resident superannuation fund at that time.
  "(11) If, apart from this subsection, there is, in relation
to a fund, no person who is a trustee of the fund for the
purposes of this Division, the person, or each of the persons,
who manages the fund is taken, for the purposes of this
Division, to be the trustee, or a trustee, as the case
requires, of the fund.".
  32. Paragraph 128B(3)(f):
Omit the paragraph.
  33. Section 221YK:
Add at the end:
  "(4) For the purposes of this Division the trustee of a
provident, benefit, superannuation or retirement fund is a
non-resident at a particular time if, and only if, the fund is a
non-resident superannuation fund at that time.
  "(5) If, apart from this subsection, there is, in relation to
a fund, no person who is a trustee of the fund for the purposes
of this Division, the person, or each of the persons, who
manages the fund is taken, for the purposes of this Division,
to be the trustee, or a trustee, as the case requires, of the
fund.".
  34. Application
The amendments made by this Division apply in relation to
income derived by a fund after whichever is the later of the
commencement of this Division or the beginning of the 1994-95
year of income of the fund.
     Division 6 - Deductions to employers etc. for certain