Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p34
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 81908–84792

regulated superannuation fund within the
meaning of the Superannuation Industry (Supervision) Act 1993;
and
  (b) is not subject to a direction under section 63 of that
Act.
  "(2) A person who makes a payment to a superannuation fund is
taken not to have reasonable grounds for believing that the
fund is a complying superannuation fund if, when the payment is
made:
  (a) the person:
    (i) is the trustee or the manager of the fund; or
    (ii) is an associate of the trustee or the manager of the
fund; and
  (b) the person has reasonable grounds for believing that the
fund is not a resident regulated superannuation fund within the
meaning of the Superannuation Industry (Supervision) Act 1993
or is operating while in breach of that Act or regulations
under that Act.
  "(3) Section 39 of the Superannuation Industry (Supervision)
Act 1993 applies for the purposes of subsection (2) of this
section in a corresponding way to the way in which it applies
for the purposes of Division 2 of Part 5 of that Act.".
  5. Application
The amendments made by this Part apply in respect of benefits
provided on or after 1 July 1994.
            PART 2 - INCOME TAX ASSESSMENT ACT 1936
    Division 1 - Resident and non-resident superannuation funds
  6. Object
The object of this Division is to define resident and
non-resident superannuation funds and to make other related
provisions.
  7. Subsection 6(1):
Insert:
  "'non-resident superannuation fund' has the meaning given by
section 6E;
  'resident superannuation fund' has the meaning given by
section 6E;".
  8. Subsection 6(1) (definition of "foreign superannuation
fund"):
After "means", insert ", subject to subsection (7A),".
  9. Subsection 6(1) (definition of "superannuation fund"):
Omit the definition, substitute:
  "'superannuation fund' means:
  (a) a scheme for the payment of superannuation benefits upon
retirement or death; or
  (b) a superannuation fund within the definition of
'superannuation fund' in section 10 of the Superannuation
Industry (Supervision) Act 1993;".
  10. After subsection 6(7):
Insert:
  "(7A) A provident, benefit, superannuation or retirement fund
does not fail to meet the requirement set out in paragraph (b)
of the definition of 'foreign superannuation fund' in
subsection (1) merely because pensions are paid out of the fund
to residents of Australia or of a Territory.".
  11. Before section 6F:
Insert:
Resident superannuation funds and non-resident superannuation funds
Resident superannuation fund at a particular time
  "6E. (1) For the purposes of this Act, a fund is a resident
superannuation fund at a particular time (the 'relevant time')
if, and only if:
  (a) the fund is a provident, benefit, superannuation or
retirement fund at the relevant time; and
  (b) either of the following conditions is satisfied:
    (i) the fund was established in Australia;
    (ii) any asset