Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Provisions of this Act about deducting amounts apply to these entities as if all contributions made to them were included in their assessable income:
(a) * complying superannuation funds;
(b) * non - complying superannuation funds that are * Australian superannuation funds;
(c) * complying approved deposit funds;
(d) * non - complying approved deposit funds;
(e) * RSA providers.
Note 1: This means that the entities can deduct amounts incurred in obtaining the contributions.
Note 2: Examples of contributions that are not assessable are:
• contributions which the contributor cannot deduct;
• contributions excluded from assessable income under Subdivision 295 - D.
(2) A * superannuation fund is an Australian superannuation fund at a time, and for the income year in which that time occurs, if:
(a) the fund was established in Australia, or any asset of the fund is situated in Australia at that time; and
(b) at that time, the central management and control of the fund is ordinarily in Australia; and
(c) at that time either the fund had no member covered by subsection (3) (an active member ) or at least 50% of:
(i) the total * market value of the fund's assets attributable to * superannuation interests held by active members; or
(ii) the sum of the amounts that would be payable to or in respect of active members if they voluntarily ceased to be members;
is attributable to superannuation interests held by active members who are Australian residents.
(3) A member is covered by this subsection at a time if the member is:
(a) a contributor to the fund at that time; or
(b) an individual on whose behalf contributions have been made, other than an individual:
(i) who is a foreign resident; and
(ii) who is not a contributor at that time; and
(iii) for whom contributions made to the fund on the individual's behalf after the individual became a foreign resident are only payments in respect of a time when the individual was an Australian resident.
(4) To avoid doubt, the central management and control of a * superannuation fund is ordinarily in Australia at a time even if that central management and control is temporarily outside Australia for a period of not more than 2 years.