Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 118.520

  (1)   A fund is a superannuation fund for foreign residents at a time if:

  (a)   at that time, it is:

  (i)   an indefinitely continuing fund; and

  (ii)   a provident, benefit, superannuation or retirement fund; and

  (b)   it was established in a foreign country; and

  (c)   it was established, and is maintained at that time, only to provide benefits for individuals who are not Australian residents; and

  (d)   at that time, its central management and control is carried on outside Australia by entities none of whom is an Australian resident.

  (2)   However, a fund is not a superannuation fund for foreign residents if:

  (a)   an amount paid to the fund or set aside for the fund has been or can be deducted under this Act; or

  (b)   a * tax offset has been allowed or is allowable for such an amount.