Document ID: chunk:federal_register_of_legislation:C2025C00134:section:342:p1
Version: federal_register_of_legislation:C2025C00134
Segment Type: section
Provision Reference: s 342 (pt 1/2)
Character Range: 1034295–1036829

342  Pre‑1 July 88 funding credits and debits
 (1) A trustee of a fund may apply to APRA for a pre‑1 July 88 funding credit.
 (2) If an application is made for a pre‑1 July 88 funding credit, APRA must give a written notice to the applicant granting a pre‑1 July 88 funding credit of a specified amount if APRA is satisfied that:
 (a) the amount consists of, or is the total of, amounts that, under the regulations, are treated as pre‑1 July 88 funding amounts; and
 (b) paragraph 23(jaa) or section 23FC of the Income Tax Assessment Act, as in force immediately before the commencement of the Taxation Laws Amendment Act (No. 2) 1989, would have applied to the fund in relation to the 1987‑88 year of income, if the amendments made by that last‑mentioned Act had not been made.
 (3) An application:
 (a) must be in the approved form; and
 (b) must be made on or before the day ascertained in accordance with the regulations; and
 (c) must contain such information relating to the fund as is required by the form to be provided; and
 (d) must be accompanied by:
 (i) such certificates and other documents as the form requires; and
 (ii) the prescribed application fee.
 (4) If:
 (a) a prescribed event has occurred (whether before or after the commencement of this section) in relation to a fund, being an event that relates to:
 (i) the membership of the fund; or
 (ii) benefits provided by the fund; and
 (b) a trustee of the fund fails to notify APRA of the event within the time and in the manner prescribed;
APRA must give written notice to a trustee of the fund accordingly.
 (5) Regulations made for the purposes of paragraph (4)(b) may:
 (a) require a notification to be accompanied by such information as is prescribed; and
 (b) enable APRA to grant an extension of time for lodging a notification.
 (6) If:
 (a) an event prescribed for the purposes of paragraph (4)(a) has occurred (whether before or after the commencement of this section) in relation to a fund; and
 (b) a trustee of the fund notifies APRA of the event as and when required by regulations made for the purposes of paragraph (4)(b); and
 (c) APRA is satisfied that, in accordance with the regulations, a pre‑1 July 88 funding debit of a particular amount should arise in relation to the fund;
APRA may give to a trustee of the fund a written notice granting the trustee of the fund a pre‑1 July 88 funding debit of that amount.
 (7) The regulations may make provision for and in relation to the transfer of pre‑1 July 88 funding credits between funds.
 (8)