Document ID: chunk:federal_register_of_legislation:C2004C01337:clause:1_42a:p1
Version: federal_register_of_legislation:C2004C01337
Segment Type: clause
Provision Reference: sch 1 cl 42A (pt 1/4)
Character Range: 19817–22397

42A  Complying superannuation fund—fund that has been a self managed superannuation fund at any time during a year

Entity that was a self managed superannuation fund throughout a year of income

 (1) An entity that was a self managed superannuation fund at all times during a year of income is a complying superannuation fund in relation to that 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) the entity passes the test in subsection (5) in relation to the year of income.

Entity that was a self managed superannuation fund during only part of a year of income

 (2) An entity that was a self managed superannuation fund during a part or parts of a year of income is a complying superannuation fund in relation to that 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) both:
 (i) the entity passes the test in subsection (5) in respect of the part or parts of the year of income during which the entity was a self managed superannuation fund; and
 (ii) if the trustee contravened this Act or the regulations in relation to the entity in respect of any other part or parts of the year of income—the entity did not fail the culpability test set out in subsection 42(1A) in relation to any of those contraventions.

Funds coming into existence during year of income etc.

 (3) An entity that:
 (a) is a superannuation fund that came into existence during the year of income and at that time or later in the year of income became a self managed superannuation fund; or
 (b) was a resident approved deposit fund that became a superannuation fund during the year of income;
is also a complying superannuation fund in relation to the year of income if:
 (c) the entity complied with subsections 19(2) to (4):
 (i) within 60