Document ID: chunk:federal_register_of_legislation:C2025C00167:section:128c:p2
Version: federal_register_of_legislation:C2025C00167
Segment Type: section
Provision Reference: s 128C (pt 2/2)
Character Range: 365497–367394

the beneficiary entered into the scheme if it is established that the beneficiary:
 (a) had not, in respect of that time, kept such books, accounts and records as are usual and proper in relation to the business carried on by the beneficiary and as sufficiently disclose the beneficiary's business transactions and financial position; or
 (b) having kept such books, accounts and records, has not preserved them.

Refund of contributions tax etc.
 (7A) If:
 (a) as a result of subsection (1), a transfer made by way of a contribution to an eligible superannuation plan is void against the trustee in the beneficiary's bankruptcy; and
 (b) any of the following amounts was debited from the contribution:
 (i) an amount in respect of tax in respect of the contribution;
 (ii) a fee, or a charge, in respect of the contribution; and
 (c) in compliance with a section 139ZQ notice that relates to the transfer, the trustee of the eligible superannuation plan pays an amount to the trustee in the beneficiary's bankruptcy; and
 (d) the amount paid in compliance with the section 139ZQ notice exceeds the amount so debited;
the trustee in the beneficiary's bankruptcy must pay to the trustee of the eligible superannuation plan an amount equal to the amount so debited.

Protection of successors in title
 (8) This section does not affect the rights of a person who acquired property from the transferee in good faith and for at least the market value of the property.

Meaning of transfer of property and market value
 (9) For the purposes of this section:
 (a) transfer of property includes a payment of money; and
 (b) a person who does something that results in another person becoming the owner of property that did not previously exist is taken to have transferred the property to the other person; and
 (c) the market value of property transferred is its market value at the time of the transfer.