Accounts—statement of financial position and financial statement
8.01 Accounts—statement of financial position and financial statement
For the purposes of paragraphs 35B(1)(a) and (b) of the Act (preparation of a statement of financial position and an operating statement), this regulation specifies cases where those paragraphs do not apply.
Defined benefit funds and accumulation funds that prepare certain statements
Those paragraphs do not apply in the case of:
a defined benefit fund in respect of a year of income of the fund; or
an accumulation fund in respect of the 1994–1995 year of income of the fund;
if the trustee of the fund prepares:
a statement of net assets of the entity; and
a statement of changes in net assets of the entity;
in respect of that year of income.
Superannuation funds where benefits are determined by reference to a life assurance policy
Those paragraphs do not apply in the case of a regulated superannuation fund in respect of a year of income of the fund if, at the end of the year, the fund is a fund from which the benefits paid to each individual member of the fund:
are wholly determined by reference to policies of life assurance; or
if paragraph (a) does not apply only because shares in the life insurance company issuing the policies were acquired because the company was demutualised:
would otherwise be wholly determined by reference to policies of life assurance; and
the shares have been held for no longer than 18 months from the date of acquisition.
This Act’s bill:Explanatory statement
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.