{"id":"C2004A04844","name":"Income Tax (Former Complying Superannuation Funds) Act 1994","slug":"income-tax-former-complying-superannuation-funds-act-1994","collection":"act","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"171 of 1994","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":26976,"registerId":"commonwealth-C2004A04844-current","compilationNumber":null,"startDate":"2026-04-01","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Income Tax (Former Complying Superannuation Funds) Act 1994","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\n---\n\n?xml version=\"1.0\" encoding=\"utf-8\" standalone=\"no\"?>\n\n![](image.001.png)\n\nIncome Tax (Former Complying Superannuation Funds) Act 1994\n\nAct No. 171 of 1994 as amended\n\nThis compilation was prepared on 22 March 2007  taking into account amendments up to Act No. 17 of 2007\n\nThe text of any of those amendments not in force  on that date is appended in the Notes section\n\nThe operation of amendments that have been incorporated may be   affected by application provisions that are set out in the Notes section\n\nPrepared by the Office of Legislative Drafting and Publishing,  Attorney‑General’s Department, Canberra\n\n \n\n \n\n \n\nContents\n\n1 Short title [see Note 1]\n\n2 Commencement [see Note 1]\n\n3 Imposition of tax\n\nNotes\n\n \n\nAn Act to impose income tax on the net previous income of non-complying superannuation funds that were formerly complying superannuation funds\n\n1  Short title [see Note 1]\n\n  This Act may be cited as the Income Tax (Former Complying Superannuation Funds) Act 1994.\n\n2  Commencement [see Note 1]\n\n  This Act commences on the day on which it receives the Royal Assent.\n\n3  Imposition of tax\n\n  Income tax is imposed on the taxable income of a non-complying 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 2 in section 295‑320 of that Act.\n\nNotes to the Income Tax (Former Complying Superannuation Funds) Act 1994\n\nNote 1\n\nThe Income Tax (Former Complying Superannuation Funds) Act 1994 as shown in this compilation comprises Act No. 171, 1994 amended as indicated in the Tables below.\n\nFor all relevant information pertaining to application, saving or transitional provisions see Table A.\n\nTable of Acts\n\n| Act | Number   and year | Date   of Assent | Date of commencement | Application, saving or transitional provisions |\n| --- | --- | --- | --- | --- |\n| Income Tax (Former Complying Superannuation Funds) Act 1994 | 171, 1994 | 16 Dec 1994 | 16 Dec 1994 |  |\n| Income Tax (Former Complying Superannuation Funds) Amendment Act 2007 | 17, 2007 | 15 Mar 2007 | (a) | Sch. 1 (item 3) |\n\n(a) Section 2 of the Income Tax (Former Complying Superannuation Funds) Amendment Act 2007 provides as follows:\n\n 2 This Act commences immediately after the commencement of Schedule 1 to the Tax Laws Amendment (Simplified Superannuation) Act 2007.\n\n Schedule 1 commenced on 15 March 2007.\n\nTable of Amendments\n\n- ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted\n- Provision affected How affected\n- S. 3.................... am. No. 17, 2007\n\nTable A\n\nApplication, saving or transitional provisions\n\nIncome Tax (Former Complying Superannuation Funds) Amendment Act 2007 (No. 17, 2007)\n\nSchedule 1\n\n3  Application\n\nThe amendments made by this Schedule apply to the 2007‑2008 income year and later years.\n\n \n\n \n\n \n","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The legislation remains tightly focused on its original purpose. The 2007 amendment merely updated the cross-reference to reflect the rewrite of the Income Tax Assessment Act 1997 (moving from the old 1936 Act to the new 1997 Act). The scope — taxing former complying superannuation funds on specific income — has not expanded beyond the original intent."},"complexity_factors":["Only 3 operative sections (Short title, Commencement, Imposition of tax)","Single substantive provision (section 3) of approximately 40 words","No defined terms in the Act itself — relies entirely on external definitions from the Income Tax Assessment Act 1997","No conditional logic, exceptions, or nested provisions","Single cross-reference to external legislation (ITAA 1997, section 295-320)","Amendment history is minimal (one amendment in 2007 updating the cross-reference)"],"plain_english_summary":"This Act imposes income tax on superannuation funds that were once “complying” but later became “non‑complying,” by taxing amounts those funds must include under section 295‑320 of the Income Tax Assessment Act 1997. It affects the non‑complying funds and their trustees and members, closing a gap that would let accumulated, previously concession‑benefited assets avoid tax when a fund loses complying status."},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":true,"description":"Section 3 was amended by the Income Tax (Former Complying Superannuation Funds) Amendment Act 2007 (see Table of Amendments). The amendment, which applies from the 2007–08 income year (Table A; Schedule 1), ties the imposition of tax to amounts included under table item 2 of section 295‑320 of the Income Tax Assessment Act 1997, thereby changing the legal trigger used to identify the taxable portion of a formerly complying fund's income (s3)."},"complexity_factors":["Short, single‑provision structure but relies on a technical cross‑reference to the Income Tax Assessment Act 1997 (s3 refers to table item 2 in s295‑320), which shifts interpretive work to that Act (s3).","Key concept — 'non‑complying superannuation fund' — is defined outside this Act, so determining coverage requires consulting the ITAA 1997 (s3).","Taxable amount is limited to income 'attributable to inclusion' under a specific table item, creating an attribution exercise for accountants and administrators (s3).","Amendment history: section 3 was amended by the 2007 Act and the amendment applies from the 2007–08 income year, so temporal application must be checked against Table A and Schedule 1 (Table of Amendments; Table A).","Notes and application/saving/transitional provisions are separate (Table A, Schedule 1), so practitioners must track commencement and transitional rules to determine which years are affected.","Because the Act imposes tax on funds rather than on members, compliance and reporting burdens fall on fund administrators to identify and include the specified amounts (s3)."],"plain_english_summary":"This Act taxes the taxable income of superannuation funds that have lost \"complying\" status — but only the portion that arises from amounts included under table item 2 of section 295‑320 of the Income Tax Assessment Act 1997. The fund itself is made liable for that tax. A 2007 amendment changed section 3 and applies from the 2007–08 income year, altering how the taxable amount is identified and captured."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/income-tax-former-complying-superannuation-funds-act-1994","history":"/api/acts/income-tax-former-complying-superannuation-funds-act-1994/history","analysis":"/api/acts/income-tax-former-complying-superannuation-funds-act-1994/analysis","conflicts":"/api/acts/income-tax-former-complying-superannuation-funds-act-1994/conflicts","importantCases":"/api/acts/income-tax-former-complying-superannuation-funds-act-1994/important-cases","documents":"/api/acts/income-tax-former-complying-superannuation-funds-act-1994/documents"}}