Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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 the Income Tax Assessment Act 1997 ) 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 not to have reasonable grounds for believing that the fund is a complying superannuation fund if, when the payment is made:
(a) the person:
(i) is the trustee or the manager of the fund; or
(ii) is an associate of the trustee or the manager of the fund; and
(b) the person has reasonable grounds for believing that the fund is not a resident regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993 or is operating in contravention of a regulatory provision, as defined in section 38A of that Act.
(3) Section 39 of the Superannuation Industry (Supervision) Act 1993 applies for the purposes of subsection (2) of this section in a corresponding way to the way in which it applies for the purposes of Division 2 of Part 5 of that Act.