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Who do the FIF measures apply to?

Last updated 14 May 2020

The FIF measures apply to you for all or part of an income year in which you are an Australian resident. [section 485]

Even though you are an Australian resident you are not taxed under the FIF measures for an interest in a foreign trust that you dispose of during an income year - that is, before 30 June each income year. See Interests in a FIF or FLP subject to the FIF measures in chapter 2. If you dispose of an interest in a non-resident trust, other areas of the ITAA 1936 may apply. [section 485]

Trusts to which the FIF measures apply

The FIF measures will apply to you if you are a beneficiary of or have an interest in a foreign or non-resident trust.

A trust is a foreign trust if it is not:

  • an Australian trust [sections 481 and 473]
  • a public trading trust which is also a resident unit trust [sections 102G, 102H, 102J, 473 and 481]
  • a corporate unit trust which is also a resident unit trust [sections 102J, 102H, 473 and 481]
  • an Australian superannuation fund
  • a complying approved deposit fund
  • a pooled superannuation trust [sections 267].

A trust is an Australian trust if the trustee was a resident, or the central management and control of the trust was in Australia, for 12 months preceding the end of your income year. [sections 473, 481 and 485]