Commonwealth Numbered Acts

Income Tax Assessment Amendment Act (No. 3) 1984 No. 47 of 1984 - SECT 40

40. Section 121CB of the Principal Act is repealed and the following section
is substituted: Assessment of income of superannuation funds established for
benefit of employees and other persons

''121CB. The trustee of a superannuation fund to which section 23FB applies in
relation to the year of income shall be assessed and is liable to pay tax, at
the rate declared by the Parliament for the purposes of this section, upon so
much of the assessable income derived by the fund in the year of income as
remains after deducting any losses and outgoings incurred by the fund to the
extent to which the losses and outgoings are incurred in gaining or producing
that income and are not of a private or capital nature.''.