Document ID: chunk:federal_register_of_legislation:C2025C00014:section:26afa:p1
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 26AFA (pt 1/3)
Character Range: 194233–196768

26AFA  Assessable income to include value of certain benefits received from or in connection with former section 23F funds
 (1) Where:
 (a) in a year of income and on or after 7 December 1983, a taxpayer receives or obtains a benefit of any kind out of, or attributable to assets of, a section 23F fund;
 (aa) if the fund is an exempt fund within the meaning of section 26AFB (as in force just before the commencement of Schedule 1 to the Superannuation Legislation Amendment (Simplification) Act 2007)—the benefit was received or obtained by the taxpayer before the proclaimed superannuation standards day;
 (b) the benefit:
 (i) is not a benefit that the taxpayer has a right to receive from the fund; or
 (ii) is an excessive benefit; and
 (c) the Commissioner is satisfied that the taxpayer received or obtained the benefit:
 (i) by reason that the taxpayer was, or had been, a member of the fund;
 (ii) by reason that the taxpayer was, or had been, a dependant of a person who was, or had been, a member of the fund;
 (iii) by reason that the taxpayer was, or had been, associated with a person who was, or had been, a member of the fund; or
 (iv) by reason that the taxpayer was, or had been, associated with a person who had made contributions to the fund, being contributions to which Subdivision AA of Division 3 applied;
the assessable income of the taxpayer of the year of income shall include the amount or value of that benefit.
 (2) Where:
 (a) subsection (1) would, but for this subsection, apply to the amount or value of an excessive benefit received or obtained by a taxpayer out of, or attributable to assets of, a section 23F fund; and
 (b) the Commissioner, having regard to:
 (i) the nature of the fund;
 (ii) the circumstances by reason of which the benefit is an excessive benefit; and
 (iii) such other matters relating to the receiving or obtaining of the benefit by the taxpayer as the Commissioner considers relevant;
  is satisfied that it would be unreasonable for subsection (1) to apply to the whole or part of the benefit;
that subsection does not apply to the benefit, or to that part of the benefit, as the case may be.
 (3) Where, in a year of income and on or after 7 December 1983, a taxpayer receives valuable consideration in respect of the transfer by the taxpayer to another person (whether by assignment, by declaration of trust or by any other means) of a right (whether vested or contingent) to receive a benefit from a fund, being a section 23F fund and not being an exempt fund within the