Document ID: chunk:federal_register_of_legislation:C2025C00014:section:26af:p1
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 26AF (pt 1/3)
Character Range: 189276–191883

26AF  Assessable income to include value of benefits received from or in connection with former paragraph 23(ja) funds or former section 23FB funds
 (1) Where:
 (a) in a year of income and after 19 August 1980, a taxpayer receives or obtains a benefit of any kind out of, or attributable to assets of, a paragraph 23(ja) fund or a section 23FB fund;
 (aa) if the fund is an exempt fund within the meaning of section 26AFB (as in force just before the commencement of Schedule 1 to the Superannuation Legislation Amendment (Simplification) Act 2007)—the benefit was received or obtained by the taxpayer before the proclaimed superannuation standards day;
 (b) the benefit is received or obtained otherwise than in accordance with approved terms and conditions applicable to the fund at the time when the benefit is received or obtained; and
 (c) the Commissioner is satisfied that the taxpayer received or obtained the benefit:
 (i) by reason that the taxpayer was, or had been, a member of the fund;
 (ii) by reason that the taxpayer was, or had been, a dependant of a person who was, or had been, a member of the fund; or
 (iii) by reason that the taxpayer was, or had been, associated with a person who was, or had been, a member of the fund;
the assessable income of the taxpayer of the year of income shall include the amount or value of that benefit.
 (2) Where, in a year of income and after 19 August 1980, a taxpayer receives valuable consideration in respect of the transfer by the taxpayer to another person (whether by assignment, by declaration of trust or by any other means) of a right (whether vested or contingent) to receive a benefit from a fund, being a paragraph 23(ja) fund or a section 23FB fund and not being an exempt fund within the meaning of section 26AFB (as in force just before the commencement of Schedule 1 to the Superannuation Legislation Amendment (Simplification) Act 2007), the assessable income of the taxpayer of the year of income shall include the amount or value of that consideration.
 (3) In this section:
approved terms and conditions, in relation to a fund, means:
 (a) in the case of a paragraph 23(ja) fund—terms and conditions approved by the Commissioner under subparagraph 23(ja)(ii) as in force at any time before the commencement of section 1 of the Taxation Laws Amendment Act (No. 4) 1987; or
 (b) in the case of a section 23FB fund—terms and conditions approved by the Commissioner under subsection 23FB(2) as in force at any time before the commencement of section 1 of the Taxation Laws Amendment Act (No. 4) 1987.
paragraph 23(ja) fund means a fund