Document ID: chunk:federal_register_of_legislation:C2004A04637:body:0:p6
Version: federal_register_of_legislation:C2004A04637
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Character Range: 14204–17260

section 116 of the Principal Act);

  (b) sections 7, 8 and 10.

(2) The remaining amendments made by this Part apply in relation to the death of a person, if the death occurs on or after the date of commencement of this section.

PART 4—AMENDMENT OF THE CORPORATIONS LAW

Corporations Law

12. In this Part, "Corporations Law" means the Corporations Law set out in section 82 of the Corporations Act 19893.

Interpretation

13. Section 1076A of the Corporations Law is amended by omitting "Occupational Superannuation Standards Act 1987" from the definition of "Division 5A trust" and substituting "Superannuation Industry (Supervision) Act 1993".

PART 5—AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Principal Act

14. In this Part, "Principal Act" means the Income Tax Assessment Act 19364.

Interpretation

15. Section 6 of the Principal Act is amended by omitting from the definition of "proclaimed superannuation standards day" in subsection (1) all the words after "means" and substituting "1 July 1990".

Officers to observe secrecy

16.(1) Section 16 of the Principal Act is amended by omitting from paragraph (4)(hc) "Occupational Superannuation Standards Act 1987" and substituting "Superannuation Entities (Taxation) Act 1987 (including a repealed provision of that Act as that provision continues to apply because of the Taxation Laws Amendment (Superannuation) Act 1992 or the Occupational Superannuation Standards Amendment Act 1993)".

(2) Section 16 of the Principal Act is amended by inserting after paragraph (4)(hc) the following paragraph:

       "(hca) the Insurance and Superannuation Commissioner, for the purpose of the administration of the Superannuation Industry (Supervision) Act 1993;".

Assessable income to include value of benefits received from or in connection with funds that have obtained tax benefits under Part IX or former section 23FC

  17. Section 26AFB of the Principal Act is amended:

    (a) by omitting from paragraph (2)(b) "subsection 7(1) of the Occupational Superannuation Standards Act 1987" and substituting "subsection 31(1) of the Superannuation Industry (Supervision) Act 1993";

    (b) by omitting paragraph (3)(b) and substituting the following paragraph:

      "(b) at the time when the benefit was provided:

            (i) the fund was not a regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993; or

         (ii) both:

                (A) the fund was a regulated superannuation fund within the meaning of that Act; and

                (B) the fund was not maintained as required by section 62 of that Act;".

Interpretation

18.(1) Section 27A of the Principal Act is amended by omitting from the definitions of "annuity" and "pension" in subsection (1) "3 of the Occupational Superannuation Standards Act 1987" and substituting " 10 of the Superannuation Industry (Supervision) Act 1993.".

(2) Section 27A of the Principal Act is amended by omitting paragraph (a) of the definition of "approved deposit fund" in subsection (1)