Rule 310 provides that if an employee assigns or charges a beneficial interest in a fund, the Assessing Officer gives notice, and if the assignment or charge is not cancelled within two months of receipt, the consideration received is treated as the employee's income of the year in which the Officer learned of it.
310
Rules 2026 · Rule 310
Penalty, where employee assigns or charges interest in fund (approved superannuation fund)
Rules 261-310
The rule. The Assessing Officer gives the employee notice that if he does not secure the cancellation of the assignment or charge within two months of receiving the notice, the consideration received for it is deemed to be income received by him in the tax year in which the fact became known to the Assessing Officer, and is assessed accordingly.