Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 4) 1987 No. 138 of 1987 - SECT 9

9. Section 26AF of the Principal Act is amended:

   (a)  by inserting after paragraph (1) (a) the following paragraph:

"(aa) if the fund is an exempt fund within the meaning of section 26AFB-the
benefit was received or obtained by the taxpayer before the proclaimed
superannuation standards day;";

   (b)  by omitting from subsection (2) "paragraph 23 (ja) fund or a section
        23FB fund," and substituting "fund, being a paragraph 23 (ja) fund or
        a section 23FB fund and not being an exempt fund within the meaning of
        section 26AFB,";

   (c)  by inserting "as in force at any time before the commencement of
section 1 of the Taxation Laws Amendment Act (No. 4) 1987" after "23 (ja)
(ii)" in paragraph (a) of the definition of "approved terms and conditions" in
subsection (3);

   (d)  by inserting "as in force at any time before the commencement of
section 1 of the Taxation Laws Amendment Act (No. 4) 1987" after "23FB (2)" in
paragraph (b) of the definition of "approved terms and conditions" in
subsection (3);

   (e)  by inserting "as in force at any time before the commencement of
section 1 of the Taxation Laws Amendment Act (No. 4) 1987" after "23 (ja)"
(last occurring) in the definition of "paragraph 23 (ja) fund" in subsection
(3);

   (f)  by inserting "as in force at any time before the commencement of
section 1 of the Taxation Laws Amendment Act (No. 4) 1987" after "23FB" in
paragraph (a) of the definition of "section 23FB fund" in subsection (3); and

   (g)  by adding at the end the following subsection:

"(4) For the purposes of this section, where either of the following
paragraphs applies in relation to an exempt fund within the meaning of section
26AFB of this Act in relation to the year of income of the fund commencing on
1 July 1986 or a subsequent year of income:

   (a)  the year of income ended before the proclaimed superannuation
        standards day and the income of the fund of the year of income would,
        but for the amendments made by the
        Taxation Laws Amendment Act (No. 4) 1987, have been exempt from tax
        under paragraph 23 (ja) or section 23FB of this Act, as in force at
        any time before the commencement of section 1 of that Act;

   (b)  the proclaimed superannuation standards day occurred during the year
        of income and, if the year of income had ended on the proclaimed
        superannuation standards day, the income of the fund of the year of
        income would have been exempt from tax under paragraph 23 (ja) or
        section 23FB of this Act, as in force at any time before the
        commencement of section 1 of that Act; paragraph 23 (ja) or section
        23FB of this Act, as in force immediately before the commencement of
        section 1 of that Act, shall be taken to have continued to apply in
        relation to the fund in relation to the year of income of the fund.".