Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p33
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
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Character Range: 79348–82151

income under section 160ZC.".
  23. Application
The amendments made by this Part apply to assessments in
respect of income of the 1994-95 year of income and of all
later years of income.

TAXATION LAWS AMENDMENT ACT (No. 4) 1994 No. 181 of 1994 - SCHEDULE 3

                           SCHEDULE 3                       Section 3
            AMENDMENTS RELATING TO SUPERANNUATION
       PART 1 - FRINGE BENEFITS TAX ASSESSMENT ACT 1986
  1. Object
The object of this Part is to deny an exemption from fringe
benefits tax in respect of superannuation contributions by an
employer unless the contributions are paid to a fund that the
employer reasonably believes to be a complying superannuation
fund.
  2. Subsection 136(1) (definition of "fringe benefit"):
  (a) Omit paragraph (j), substitute:
  "(j) a benefit constituted by:
    (i) the making of a payment of money to a superannuation
fund (as defined by subsection 6(1) of the Income Tax
Assessment Act 1936) that the person making the payment had
reasonable grounds for believing was a complying superannuation
fund (as defined by subsection 267(1) of the Income Tax
Assessment Act 1936); or
    (ii) the making of a payment of money to a non-resident
superannuation fund (within the meaning of section 6E of the
Income Tax Assessment Act 1936) in respect of a person who is
an exempt visitor to Australia for the purposes of section 517
of that Act in relation to the year of income in which the
payment is made;".
  (b) Insert after paragraph (k):
  "(ka) an 'exempt resident foreign termination payment', or an
'exempt non-resident foreign termination payment', as defined
by subsection 27A(1) of the Income Tax Assessment Act 1936;
  (kb) a payment to which section 27CAA or 27CE of the
Income Tax Assessment Act 1936 applies;".
  3. Subsection 136 (1) (definition of "superannuation fund"):
Omit the definition.
  4. After section 136AA:
Insert:
What constitutes reasonable belief that a superannuation fund
is a complying superannuation fund
  "136AB. (1) Subject to subsection (2), if a person makes a
payment to a superannuation fund, the person is taken, for the
purposes of paragraph (j) of the definition of 'fringe benefit'
in subsection 136(1), to have reasonable grounds for believing
that the fund is a complying superannuation fund (as defined by
subsection 267(1) of the Income Tax Assessment Act 1936) if, at
or before the time when the payment is made, the person has
obtained a written statement, provided by or on behalf of the
trustee of the fund, that the fund:
  (a) is a resident 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