Commonwealth Numbered Acts

SUPERANNUATION INDUSTRY (SUPERVISION) CONSEQUENTIAL AMENDMENTS ACT 1993 No. 82, 1993 - SECT 19

19. Before section 27D of the Principal Act the following section is inserted:
Exemption from tax-payment of unclaimed money to Insurance and Superannuation
Commissioner by superannuation fund or approved deposit fund

"27CC. If:

   (a)  an amount is paid to the Insurance and Superannuation Commissioner
        under subsection 225(5) of the
        Superannuation Industry (Supervision) Act 1993; and

   (b)  the whole or a part of that amount consists of unclaimed money that
        was payable to a taxpayer by the trustee of an approved deposit fund
        or a superannuation fund; the taxpayer's assessable income does not
        include the whole or the part, as the case may be, of the amount paid
        to the Insurance and Superannuation Commissioner.".