Commonwealth Numbered Acts

OCCUPATIONAL SUPERANNUATION STANDARDS ACT 1987 No. 97, 1987 - SECT 5

5. (1) In this section, "proclaimed day" means the day, being a day after the
commencement of this Act, fixed by Proclamation for the purposes of this
section.

(2) A reference in this Act to a fund satisfying the superannuation fund
conditions in relation to a year of income is a reference to the following
conditions being satisfied in relation to the fund in relation to the year of
income:

   (a)  at all times during the year of income when the fund was in existence,
        the fund was a superannuation fund;

   (b)  at all times during the year of income when the fund was in existence
        and there were in force regulations for the purposes of subsection 7
        (1) prescribing standards applicable to the fund, the fund complied
        with those standards;

   (c)  the trustees of the fund complied with:

        (i)    any requirement made in relation to the fund during the year of
               income by or under subsection 10 (1) or section 11; and

        (ii)   any requirement made in relation to the fund in relation to the
               year of income under subsection 10 (2);

   (d)  if the year of income is a year of income ending before the proclaimed
        day-either:

        (i)    the income of the fund of the year of income would have been
               exempt from income tax under paragraph 23 (ja) of the Tax Act
               as in force immediately before the commencement of this Act; or

        (ii)   the income of the fund of the year of income would have been
               exempt from income tax under section 23F or 23FB of the Tax Act
               as in force immediately before the commencement of this Act,
               and section 121C of the Tax Act as in force immediately before
               that commencement would not have applied to reduce or deny that
               exemption;

   (e)  if the year of income is a year of income commencing before and ending
        after the proclaimed day-either:

        (i)    if the year of income had ended on the proclaimed day, the
               income of the fund of the year of income would have been exempt
               from income tax under paragraph 23 (ja) of the Tax Act as in
               force immediately before the commencement of this Act; or

        (ii)   if the year of income had ended on the proclaimed day, the
               income of the fund of the year of income would have been exempt
               from income tax under section 23F or 23FB of the Tax Act as in
               force immediately before the commencement of this Act, and
               section 121C of the Tax Act as in force immediately before that
               commencement would not have applied to reduce or deny that
               exemption.