Income Tax (Former Complying Superannuation Funds) Act 1994

The Income Tax (Former Complying Superannuation Funds) Act 1994 is an act that imposes income tax on the net previous income of non-complying superannuation funds. The act commences on the day it receives the Royal Assent and applies to taxable income attributable to the inclusion of an amount in a fund's assessable income under specific provisions of the Income Tax Assessment Act 1997.

The act aims to address the issue of non-complying superannuation funds, which were formerly compliant. The tax imposition is calculated based on the net previous income of these funds, and it applies to the extent that the taxable income is attributable to the inclusion of an amount in a fund's assessable income under table item 2 in section 295-320 of the Income Tax Assessment Act 1997.

This act was amended by the Income Tax (Former Complying Superannuation Funds) Amendment Act 2007, which made some changes to the application and commencement provisions. The amendments made by this Schedule apply to the 2007-2008 income year and later years.