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INCOME TAX ASSESSMENT ACT 1997 - SECT 295.200

Transfers from foreign superannuation funds

             (1)  The assessable income of a fund that is an * Australian superannuation fund for the income year includes an amount transferred to the fund from a fund that was a * foreign superannuation fund for the income year in relation to a member of the foreign fund to the extent that the amount transferred exceeds amounts vested in the member at the time of the transfer.

             (2)  The assessable income of a fund that is a * complying superannuation fund for the income year includes so much of an amount transferred to the fund from a fund that was a * foreign superannuation fund for the income year as is specified in a choice made by a former member of the foreign fund under section 305-80.

             (3)  The amount is included in the income year in which the transfer happens.

             (4)  This section also applies to an amount transferred from a scheme for the payment of benefits in the nature of superannuation upon retirement or death that:

                     (a)  is not, and never has been, an * Australian superannuation fund or a * foreign superannuation fund; and

                     (b)  was not established in Australia; and

                     (c)  is not centrally managed or controlled in Australia.

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