• Overseas interests

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    C Did the fund have an overseas branch or a direct or indirect interest in a foreign trust, controlled foreign entity, transferor trust, foreign investment fund or foreign life policy?

    Print X in the appropriate box.

    If the answer at C is Yes, complete section B, and any other relevant part, of Schedule 25A 2009. The schedule must be completed, attached to the applicable tax return, and lodged as part of that tax return.

    The interests that will require the fund to complete Schedule 25A are those where the fund has:

    • an interest in a controlled foreign company or trust
    • an interest in a foreign investment fund or foreign life assurance policy, or
    • transferred property (at any time) - including money or services - to a non-resident trust, or where the fund is able to influence the decisions relating to a non-resident trust.

    An interest in a controlled foreign company or trust may be either direct or indirect, and is taken to have the same meaning as set out in Division 3 Part X of the ITAA 1936.

    An interest in a foreign investment fund or foreign life assurance policy has the same meaning as set out in section 483 of the ITAA 1936.

    A fund has an interest in a transferor trust if it has ever made, or caused to be made, a transfer of property or services to a non-resident trust. 'Transfer', 'property' and 'services' are defined in section 102AAB of the ITAA 1936. Sections 102AAJ and 102AAK of the ITAA 1936 provide guidance in relation to whether there has been a transfer or deemed transfer of property or services to a non-resident trust.

    Last modified: 25 Nov 2009QC 21714