Commonwealth Numbered Acts

OCCUPATIONAL SUPERANNUATION STANDARDS ACT 1987 No. 97, 1987 - SECT 15

15. (1) Subject to subsection (2), where, in relation to a fund in relation to
a year of income of the fund:

   (a)  the trustees of the fund have not given the Commissioner the return,
        certificates and fee or fees referred to in subsection 14 (1), or the
        trustees of the fund have given the Commissioner the return,
        certificates and fee or fees referred to in that subsection but the
        Commissioner is not satisfied that the fund satisfied the
        approved deposit fund conditions; and

   (b)  the trustees of the fund satisfy the Commissioner that, because of
        special circumstances that existed in relation to the fund during the
        year of income, it would be reasonable for the fund to be treated as
        if it had satisfied the approved deposit fund conditions; the
        Commissioner shall give notice in writing to the trustees of the fund
        stating that the Commissioner is satisfied that the fund should be
        treated as if it had satisfied the approved deposit fund conditions in
        relation to the year of income.

(2) The Commissioner shall not give a notice under subsection (1) in relation
to a fund in relation to a year of income if the Commissioner is satisfied
that, at any time during the year of income when the fund was in existence,
the fund was not maintained by an approved trustee or approved trustees.

(3) If:

   (a)  the Commissioner has given a notice under subsection (1) in relation
        to a fund in relation to a year of income of the fund; and

   (b)  the Commissioner, after considering information that was not
        previously considered by the Commissioner, becomes satisfied that the
        fund should not be treated as if it had satisfied the
        approved deposit fund conditions in relation to the year of income;
        the Commissioner shall give notice in writing to the trustees of the
        fund revoking the notice referred to in paragraph (a) and stating that
        the Commissioner is not satisfied that the fund satisfied the
        approved deposit fund conditions in relation to the year of income.

(4) A notice under this section stating that the Commissioner is not satisfied
that a fund satisfied the approved deposit fund conditions in relation to a
year of income shall set out the reasons why the Commissioner is not so
satisfied.

(5) The Commissioner shall advise the Commissioner of Taxation of particulars
of all notices given under this section.