Document ID: chunk:federal_register_of_legislation:C2004C01337:clause:1_42a:p2
Version: federal_register_of_legislation:C2004C01337
Segment Type: clause
Provision Reference: sch 1 cl 42A (pt 2/4)
Character Range: 22157–24776

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 APRA (whether before or after the end of the period of 60 days) allows; and
 (d) either of the following conditions is satisfied:
 (i) the trustee did not contravene this Act or the regulations 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) the trustee contravened this Act or the regulations in relation to the entity during the pre‑lodgment period on one or more occasions but the trustee satisfies APRA 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 this Act and the regulations; 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 the trustee contravened this Act or the regulations 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 of the entity has 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 not already been complied with) are complied with within 28 days after the trustee finds out (whether by written notice from APRA