Document ID: chunk:federal_register_of_legislation:C2025C00134:section:42:p3
Version: federal_register_of_legislation:C2025C00134
Segment Type: section
Provision Reference: s 42 (pt 3/4)
Character Range: 334078–336792

(the rectification period) that began when the trustee, or the trustees, of the entity lodged the purported election under subsection 19(4) 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 in respect of the rectification 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 rectification period, it would be reasonable for the fund to be treated as if it had satisfied the regulatory provisions; and
 (e) if the fund was in existence before the beginning of its 1994‑95 year of income—under regulations made for the purposes of former section 50 (as those regulations were in force as at the beginning of that year of income), the fund is treated as if it had satisfied the transitional superannuation fund conditions at all times during the period that began at the beginning of the fund's 1994‑95 year of income and ended when the trustee, or the trustees, of the entity lodged the purported election under subsection 19(4); and
 (f) the entity was a resident regulated superannuation fund at all times during the part of the year of income occurring after the end of the rectification period; and
 (fa) the entity was not a self managed superannuation fund at any time during the year of income; and
 (g) either of the conditions stated in paragraph (1)(b) is satisfied in relation to the entity in respect of the part of the year of income occurring after the end of the rectification period.
 (1AD) In determining for the purpose of paragraph (1AC)(d) whether any of the regulatory provisions were contravened in respect of the entity in respect of the rectification period, the regulatory provisions are taken to have applied in relation to the entity in respect of that period as if the entity were a resident regulated superannuation fund during that period.
 (1A) For the purposes of subparagraph (1)(b)(ii), an entity fails the culpability test in relation to a particular contravention of a regulatory provision if:
 (a) both:
 (i) all of the members of the entity were in any way directly or indirectly knowingly concerned in, or party to, the contravention; and
 (ii) the Regulator, after considering:
 (A) the taxation consequences that would arise if the entity were to be treated as a non‑complying superannuation fund for the purposes of the Income Tax Assessment Act 1997 in relation to the year of income concerned; and
 (B) the seriousness of the contravention; and
 (C) all other relevant circumstances;
  thinks that a notice should be given stating that