Commonwealth Consolidated Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 20A

Resident approved deposit funds

  (1)   For the purposes of this Act, an approved deposit fund is a resident approved deposit fund at a particular time if, and only if:

  (a)   either:

  (i)   the fund was established in Australia; or

  (ii)   at that time, any asset of the fund is situated in Australia; and

  (b)   at that time, the central management and control of the fund is in Australia; and

  (c)   at that time, the percentage worked out using the following formula is not less than 50%:

    where:

    Accumulated entitlements of resident members means the sum of so much of the value of the assets of the fund at that time as is attributable to:

  (i)   deposits made to the fund before that time by or in respect of members of the fund who are residents at that time; and

  (ii)   income or accretions arising from those deposits.

    Total assets of fund means the value of the assets of the fund at that time.

Definitions

  (2)   In this section:

"Australia" has the same meaning as in the Income Tax Assessment Act 1936 .

"member" includes depositor.

"resident" has the same meaning as in the Income Tax Assessment Act 1936 .