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INCOME TAX ASSESSMENT ACT 1997 - SECT 290.75 Complying fund conditions

INCOME TAX ASSESSMENT ACT 1997 - SECT 290.75

Complying fund conditions

  (1)   If the contribution was made to a * superannuation fund, at least one of these conditions must be satisfied:

  (a)   the fund was a * complying superannuation fund for the income year of the fund in which you made the contribution;

  (b)   at the time you made the contribution, you had reasonable grounds to believe that the fund was a complying superannuation fund for that income year;

  (c)   at or before the time you made the contribution, you obtained a written statement (given by or on behalf of the trustee of the fund) that the fund:

  (i)   was a resident regulated superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993 ); and

  (ii)   was not subject to a direction under section   63 of that Act (which prevents a fund from accepting employer contributions).

  (2)   However, the condition in paragraph   (1)(b) or (c) cannot be satisfied if, when the contribution was made:

  (a)   you were:

  (i)   the trustee or the manager of the fund; or

  (ii)   an * associate of the trustee or the manager of the fund; and

  (b)   you had reasonable grounds to believe that:

  (i)   the fund was not a resident regulated superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993 ); or

  (ii)   the fund was operating in contravention of a regulatory provision (within the meaning of section   38A of that Act).

  (3)   For the purposes of subparagraph   (2)(b)(ii), a contravention of the Superannuation Industry (Supervision) Act 1993 or regulations made under it is to be ignored unless the contravention is:

  (a)   an offence; or

  (b)   a contravention of a civil penalty provision of that Act or those regulations.

  (4)   For the purposes of subparagraph   (2)(b)(ii), it is sufficient if a contravention is established on the balance of probabilities.

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