Document ID: chunk:federal_register_of_legislation:C2004C01337:clause:1_42a:p4
Version: federal_register_of_legislation:C2004C01337
Segment Type: clause
Provision Reference: sch 1 cl 42A (pt 4/4)
Character Range: 26942–28992

(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 occurring after the end of the rectification period, during which the entity was not a self managed superannuation fund—the entity did not fail the culpability test set out in subsection 42(1A) in relation to any of those contraventions.

Circumstances in which entity passes the test in this subsection

 (5) An entity passes the test in this subsection in relation to a year of income or part of a year of income if:
 (a) the trustee did not contravene this Act or the regulations in relation to the entity during the year of income or the part of the year of income; or
 (b) if the trustee contravened this Act or the regulations in relation to the entity during the year of income or the part of the year of income, the Regulator, after considering:
 (i) the taxation consequences that would arise if the entity were to be treated as a non‑complying superannuation fund for the purposes of Part IX of the Income Tax Assessment Act 1936 in relation to the year of income concerned; and
 (ii) the seriousness of the contravention; and
 (iii) all other relevant circumstances;
  thinks that a notice should nevertheless be given stating that the entity is a complying superannuation fund in relation to the year of income concerned.

Determining whether contravention

 (6) In determining for the purposes of this section whether the Act or the regulations were contravened in respect of the entity in respect of the pre‑lodgment period or the rectification period, this Act and the regulations are taken to have applied in relation to the entity in respect of that period as if the entity were a resident regulated superannuation fund during that period.

References to APRA

 (7) If a person or body is specified in the regulations for the purposes of subsection 19(4), a reference to APRA in subparagraph (3)(c)(ii), (3)(d)(ii), or subsection (4) is taken to be a reference to that person or body.