Document ID: chunk:federal_register_of_legislation:C2010C00576:clause:7_58pc
Version: federal_register_of_legislation:C2010C00576
Segment Type: clause
Provision Reference: sch 7 cl 58PC
Character Range: 102593–103904

58PC  Exempt benefits—existing worker entitlement funds

 (1) If:
 (a) a person makes a contribution to an existing worker entitlement fund; and
 (b) the contribution is made in accordance with existing industrial practice; and
 (c) the contribution is either:
 (i) made for the purposes of ensuring that an obligation to make leave payments (including payments in lieu of leave) or payments when an employee ceases employment is met; or
 (ii) for the reasonable administrative costs of the fund; and
 (d) the contribution is made during the FBT year beginning on 1 April 2003;
the contribution is an exempt benefit.

 (2) A fund is an existing worker entitlement fund if the fund accepted contributions during the FBT year beginning on 1 April 2002 for the purposes of ensuring that obligations to make leave payments (including payments in lieu of leave) or payments when an employee ceases employment are met.

 (3) A contribution is made in accordance with existing industrial practice if the taxpayer or another person in the taxpayer's industry made payments in the FBT year beginning on 1 April 2002 to an existing worker entitlement fund for the purposes of ensuring that an obligation to make leave payments (including payments in lieu of leave) or payments when an employee ceases employment is met.