Commonwealth Consolidated Acts

TAX LAWS AMENDMENT (2006 MEASURES NO. 3) ACT 2006 - SCHEDULE 9

Income Tax Assessment Act 1936

1   Paragraph 275B(2)(b)

Repeal the paragraph, substitute:

  (b)   contributions covered by subparagraph 274(1)(a)(i) paid to the fund in the year of income that are used to fund liabilities that accrued before 1   July 1988.

2   Subsection 275B(3)

Repeal the subsection, substitute:

  (3)   The regulations may prescribe either or both of the following:

  (a)   the manner in which the trustee of a superannuation fund is to work out the amount applicable to the fund under paragraph   (2)(b) for a year of income;

  (b)   methods (other than the method specified in subsection   (2)) of working out how the trustee of a superannuation fund can apply pre - 1   July 88 funding credits.

  (3A)   Methods prescribed under paragraph   (3)(b) may be applicable to particular superannuation funds or to a class or classes of superannuation funds.

3   Subsections 275B(6) and (7)

Repeal the subsections.

4   Section   275C

Repeal the section.

5   Application

The amendments made by this Schedule apply to the use, on or after 9   May 2006, of pre - 1   July 88 funding credits under section   275B of the Income Tax Assessment Act 1936 , including use on or after that day as a result of:

  (a)   an objection or a request for amendment lodged on or after 9   May 2006; or

  (b)   an objection or a request for amendment lodged before 9   May 2006 and pending on that day.