Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p47
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 115087–118026

superannuation fund', at a
particular time (the 'relevant time'), means a fund:
  (a) that:
    (i) is a continuously non-complying superannuation fund
(as defined by subsection 267(1)) at the relevant time; or
    (ii) is a non-complying superannuation fund at the relevant
time and ceased, or last ceased, to be a complying
superannuation fund on or after 1 July 1995; and
  (b) that:
    (i) is a resident superannuation fund at the relevant time,
or was a resident superannuation fund at any previous time in
the year of income in which the relevant time occurred, and has
always been a resident superannuation fund in relation to the
years of income preceding that year of income; or
    (ii) is a resident superannuation fund at the relevant
time, or was a resident superannuation fund at any previous
time in the year of income in which the relevant time occurred,
and ceased, or last ceased, to be a non-resident superannuation
fund in relation to a previous year of income on or after 1
July 1995;".
  70. Subsection 27A(1) (definition of "eligible termination
payment"):
Insert after paragraph (m):
  "(ma) a payment from a fund that is an eligible resident
non-complying superannuation fund, or an eligible non-resident
non-complying superannuation fund, when the payment is made;".

  71. Before section 27D:
Insert:
Exemption from tax-payment from eligible resident non-complying
superannuation fund
  "27CE. (1) If:
  (a) a lump sum payment (including a payment made as a result
of the commutation of a superannuation pension or of an
annuity) is made from a fund that is an eligible resident
non-complying superannuation fund in respect of a taxpayer when the
payment is made; and
  (b) had the fund been a superannuation fund, the payment
would, apart from paragraph (ma) of the definition of 'eligible
termination payment' in subsection 27A(1), have been an
eligible termination payment;
the taxpayer's assessable income does not include that payment.
  "(2) Subsection 27A(3) applies for the purposes of this
section in a corresponding way to the way in which it applies
for the purposes of the definition of 'eligible termination
payment' in subsection 27A(1).".
  72. Application
The amendments made by this Division apply in relation to
payments made on or after 1 July 1994.
    Division 12 - Lump sum payments from certain non-resident
                     superannuation funds
  73. Object
The object of this Division is to include in assessable income
lump sum payments made from certain non-resident superannuation
funds and to allow credits for foreign tax paid on, and to
exempt from tax contributions included in, such lump sum
payments.
  74. Subsection 6AB(1):
  (a) Insert "(including eligible termination payments as
defined in subsection 27A(1))" before "derived".
  (b) Insert: "27CAA," before "102AAZD".
  75. Subsection 27A(1):
Insert:
  "'eligible non-resident non-complying superannuation fund'
means