Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p51
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 125702–128531

the end:
    "(i) if the payment is of a kind referred to in paragraph
603(1)(h) - the payment is exempt from tax to the extent of the
debit.".
  98. Subsection 603(1):
Add at the end:
  "(h) an amount that is included in assessable income under
Subdivision AA of Division 2 of Part III.".
  99. Application
The amendments made by this Division apply, or are taken to
have applied, in relation to amounts paid on or after 1 January
1993.
                   Division 17 - Assessments
  100. Amendment of assessments
Section 170 of the Income Tax Assessment Act 1936 does not
prevent the amendment of an assessment made before the
commencement of this Part for the purpose of giving effect to
this Part.
                  PART 3 - INCOME TAX ACT 1986
  101. Object
The object of this Part is to make amendments relating to
non-complying superannuation funds that were previously complying
superannuation funds, and to resident superannuation funds that
were previously non-resident superannuation funds.
  102. Section 5:
Add at the end:
  "(5) This Act does not impose tax upon the taxable income of
a non-complying superannuation fund within the meaning of Part
IX of the Assessment Act, to the extent that the taxable income
is attributable to the inclusion of an amount in the fund's
assessable income under section 288A of that Act.
  "(6) This Act does not impose tax upon the taxable income of
a resident superannuation fund, to the extent that the taxable
income is attributable to the inclusion of an amount in the
fund's assessable income under section 288B of that Act.".
     PART 4 - SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993
       Division 1 - Amendments relating to the residency of
         superannuation funds and approved deposit funds
  103. Objects
The objects of this Division are:
  (a) to restrict "complying superannuation fund" status to
resident superannuation funds; and
  (b) to restrict "complying approved deposit fund" status to
resident approved deposit funds.
  104. Section 10:
Insert:
  "'resident approved deposit fund' has the meaning given by
section 20A;
  'resident regulated superannuation fund' means a regulated
superannuation fund that is a resident superannuation fund
within the meaning of subsection 6E(1) of the Income Tax
Assessment Act 1936;".
  105. After section 20:
Insert:
Resident approved deposit funds
Resident approved deposit funds
  "20A. (1) For the purposes of this Act, an approved deposit
fund is a resident approved deposit fund at a particular time
if, and only if:
  (a) either:
    (i) the fund was established in Australia; or
    (ii) at that time, any asset of the fund is situated in
Australia; and
  (b) at that time, the central management and control of the
fund is in Australia; and
  (c) at that time, the percentage worked out using the
following