Document ID: chunk:federal_register_of_legislation:C2025C00134:section:42a:p3
Version: federal_register_of_legislation:C2025C00134
Segment Type: section
Provision Reference: s 42A (pt 3/4)
Character Range: 343318–345977

to make an election under subsection 19(4); and
 (b) if, when the election was made, the requirements of subsections 19(2) to (4) are not complied with:
 (i) the requirements of subsections 19(2) to (4) (to the extent that they have not already been complied with) are complied with within 28 days after a trustee of the entity finds out (whether by written notice from the Commissioner of Taxation or otherwise) that they were not complied with, or within such further period, if any, as the Commissioner of Taxation (whether before or after the end of the period of 28 days) allows; and
 (ii) except where a trustee of the entity received written notice from the Commissioner of Taxation about the non‑compliance—a trustee of the entity tells the Commissioner of Taxation in writing of the compliance within 7 days after the requirements are complied with or within such further period, if any, as the Commissioner of Taxation (whether before or after the end of the period of 7 days) allows; and
 (c) either of the following conditions is satisfied:
 (i) no trustee of the entity contravened any of the regulatory provisions in relation to the entity during the whole of the period (the rectification period) that began when the trustee, or the trustees, of the entity lodged the purported election under subsection 19(4) and ended when the entity complied with subsections 19(2) to (4);
 (ii) a trustee of the entity contravened one or more of the regulatory provisions in relation to the entity during the rectification period on one or more occasions but the Commissioner of Taxation is satisfied that, because of special circumstances that existed in relation to the fund during the rectification period, it would be reasonable for the fund to be treated as if it had satisfied the regulatory provisions; and
 (d) if the fund was in existence before the beginning of its 1994‑95 year of income—under regulations made for the purposes of former section 50 (as those regulations were in force as at the beginning of that year of income), the fund is treated as if it had satisfied the transitional superannuation fund conditions at all times during the period that began at the beginning of the fund's 1994‑95 year of income and ended when the trustee, or the trustees, of the entity lodged the purported election under subsection 19(4); and
 (e) the entity was a resident regulated superannuation fund at all times during the part of the year of income occurring after the end of the rectification period; and
 (f) in respect of the part of the year of income occurring after the end of the rectification period, both:
 (i) the entity passed the test in