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INCOME TAX ASSESSMENT ACT 1997 - SECT 290.75

Complying fund conditions

             (1)  If the contribution was made to a * superannuation fund, at least one of these conditions must be satisfied:

                     (a)  the fund was a * complying superannuation fund for the income year of the fund in which you made the contribution;

                     (b)  at the time you made the contribution, you had reasonable grounds to believe that the fund was a complying superannuation fund for that income year;

                     (c)  at or before the time you made the contribution, you obtained a written statement (given by or on behalf of the trustee of the fund) that the fund:

                              (i)  was a resident regulated superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993 ); and

                             (ii)  was not subject to a direction under section 63 of that Act (which prevents a fund from accepting employer contributions).

             (2)  However, the condition in paragraph (1)(b) or (c) cannot be satisfied if, when the contribution was made:

                     (a)  you were:

                              (i)  the trustee or the manager of the fund; or

                             (ii)  an * associate of the trustee or the manager of the fund; and

                     (b)  you had reasonable grounds to believe that:

                              (i)  the fund was not a resident regulated superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993 ); or

                             (ii)  the fund was operating in contravention of a regulatory provision (within the meaning of section 38A of that Act).

             (3)  For the purposes of subparagraph (2)(b)(ii), a contravention of the Superannuation Industry (Supervision) Act 1993 or regulations made under it is to be ignored unless the contravention is:

                     (a)  an offence; or

                     (b)  a contravention of a civil penalty provision of that Act or those regulations.

             (4)  For the purposes of subparagraph (2)(b)(ii), it is sufficient if a contravention is established on the balance of probabilities.



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