Income Tax (Former Non-resident Superannuation Funds) Act 1994

No. 172 of 1994

An Act to impose income tax on the net previous income of resident superannuation funds that were previously non-resident superannuation funds

[Assented to 16 December 1994]

The Parliament of Australia enacts:

Short title

1. This Act may be cited as the Income Tax (Former Non-resident Superannuation Funds) Act 1994.

Commencement

2. This Act commences on the day on which it receives the Royal Assent.

Imposition of tax

3. Income tax is imposed on the taxable income of a resident superannuation fund within the meaning of the Income Tax Assessment Act 1936, to the extent that the taxable income is attributable to the inclusion of an amount in the fund's assessable income under section 288B of that Act.

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[Minister's second reading speech made in—

House of Representatives on 14 November 1994

Senate on 5 December 1994]