I am announcing today amendments to the grouping provisions contained in the company tax installment system in the Income Tax Assessment Act 1936 (ITAA).
The amendments will exempt superannuation funds, approved deposit funds and pooled superannuation trusts from the grouping provisions contained in section 221AZMA of the ITAA. This will ensure that these entities will not be grouped with a company and their instalment payment schedule will not be brought forward.
For example, if an employer company and its employer sponsored superannuation fund both have likely tax of $200,000 for a particular income year, the grouping provisions will no longer classify each entity as large entities.
The amendments will apply from the 1995-96 income year, the year in which the grouping provisions first applied.
Contact Officer: Simon Matthews (Tax Office) (06) 216 1523
CANBERRA
27 February 1997