Document ID: chunk:federal_register_of_legislation:C2025C00134:section:42a:p2
Version: federal_register_of_legislation:C2025C00134
Segment Type: section
Provision Reference: s 42A (pt 2/4)
Character Range: 340927–343550

fund; or
 (b) was a resident approved deposit fund that became a superannuation fund during the year of income;
is also a complying superannuation fund in relation to the year of income if:
 (c) the entity complied with subsections 19(2) to (4):
 (i) within 60 days after the day on which it came into existence or became a superannuation fund, as the case may be; or
 (ii) within such further period, if any, as the Commissioner of Taxation (whether before or after the end of the period of 60 days) allows; and
 (d) 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 pre‑lodgment period) that began when the entity came into existence or became a superannuation fund, as the case may be, 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 pre‑lodgment 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 pre‑lodgment period, it would be reasonable for the fund to be treated as if it had satisfied the regulatory provisions; and
 (e) the entity was a resident regulated superannuation fund at all times during the part of the year of income occurring after the pre‑lodgment period; and
after the pre‑lodgment period:
 (f) the entity passed the test in subsection (5) in respect of the part or parts of the year of income, occurring after the pre‑lodgment period, during which the entity was a self managed superannuation fund; and
 (g) if a trustee of the entity contravened one or more of the regulatory provisions in relation to the entity in respect of any part or parts of the year of income, occurring after the pre‑lodgment 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.

Trustee makes an election
 (4) An entity that was a self managed superannuation fund at some time, or at all times, during a year of income is also a complying superannuation fund in relation to the year of income if:
 (a) the trustee, or the trustees, of the entity have purported 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