Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p41
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 99140–102011

in relation to
income derived by a fund after whichever is the later of the
commencement of this Division or the beginning of the 1994-95
year of income of the fund.
     Division 6 - Deductions to employers etc. for certain
    contributions made to non-complying superannuation funds
35. Object
  The object of this Division is to deny deductions to
employers etc. for certain contributions made to non-complying
superannuation funds.
  36. Paragraph 67AAA(1)(b):
Insert "or 82AAE" after "section 82AAC".
  37. Subsection 73B(1) (definition of "contributions to
superannuation funds"):
Insert "or 82AAE" after "section 82AAC".
  38. Paragraph 82AAC(1)(b):
Omit "eligible", substitute "complying".
  39. After section 82AAC:
Insert:
Deduction for contribution to non-complying superannuation fund
that taxpayer reasonably believes to be a complying
superannuation fund
  "82AAD. (1) If:
  (a) a taxpayer pays an amount as a contribution to a
non-complying superannuation fund (as defined by subsection 267(1))
for the purpose of making provision for superannuation benefits
for an eligible employee; and
  (b) when the contribution is made the taxpayer has reasonable
grounds for believing that the superannuation fund is a
complying superannuation fund;
the amount is taken, for the purposes of section 82AAC, to be
paid to a complying superannuation fund.
  "(2) Subject to subsection (3), a taxpayer who makes a
contribution to a superannuation fund is taken, for the
purposes of subsection (1), to have reasonable grounds for
believing that the fund is a complying superannuation fund if,
at or before the time when the contribution is made, the
taxpayer has obtained a written statement, provided by or on
behalf of the trustee of the fund, that the fund:
  (a) is a resident regulated superannuation fund within the
meaning of the Superannuation Industry (Supervision) Act 1993;
and
  (b) is not subject to a direction under section 63 of that
Act.
  "(3) A taxpayer who makes a contribution to a superannuation
fund is taken, for the purposes of subsection (1), not to have
reasonable grounds for believing that the fund is a complying
superannuation fund if, when the contribution is made:
  (a) the taxpayer:
    (i) is the trustee or the manager of the fund; or
    (ii) is an associate (within the meaning of subsection
26AAB(14)) of the trustee or the manager of the fund; and
  (b) the taxpayer has reasonable grounds for believing that
the fund is not a resident regulated superannuation fund within
the meaning of the Superannuation Industry (Supervision) Act
1993 or is operating while in breach of that Act or regulations
under that Act.
  "(4) Section 39 of the Superannuation Industry (Supervision)
Act 1993 applies for the purposes of subsection (3) of this
section in a corresponding way to the way in which it applies
for the purposes of Division 2