Commonwealth Numbered Acts

INCOME TAX (FORMER NON-RESIDENT SUPERANNUATION FUNDS) AMENDMENT ACT 2007 (NO. 18, 2007) - SCHEDULE 1

Income Tax (Former Non‑resident Superannuation Funds) Act 1994

1  Section 3

Repeal the section, substitute:

3   Imposition of tax

                   Income tax is imposed on the taxable income of an Australian superannuation fund within the meaning of the Income Tax Assessment Act 1997 , to the extent that the taxable income is attributable to the inclusion of an amount in the fund's assessable income under table item 3 in section 295‑320.

2  Application

The amendment made by this Schedule applies to the 2007‑2008 income year and later years.

 [ Minister's second reading speech made in--

House of Representatives on 7 February 2007

Senate on 26 February 2007 ]