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J Australian superannuation fund

Last updated 12 July 2020

The definition of 'Australian superannuation fund' in section 295-95 of the Income Tax Assessment Act 1997 (ITAA 1997) has replaced the definition of 'resident superannuation fund' in section 6E of the Income Tax Assessment Act 1936 (ITAA 1936).

Print X in the Yes box at J if your fund meets the following definition of 'Australian superannuation fund'.

A fund is an Australian superannuation fund if it satisfies all three of the following tests at the same time during the income year:

  • the fund is established in Australia, or any asset of the fund is situated in Australia at that time, and
  • at that time, the central management and control of the fund is ordinarily in Australia, and
  • at that time, either the fund had no active member (that is, a member covered by subsection 295-95(3) of the ITAA 1997 - see below) or at least 50% of one of the following is attributable to superannuation interests held by active members who are Australian residents      
    • the total market value of the fund's assets attributable to superannuation interests held by active members, or
    • the sum of the amounts that would be payable to, or in respect of, active members if they voluntarily ceased to be members.
     

An active member is a member covered by subsection 295-95(3) of the ITAA 1997 if the member is either:

  • a contributor to the fund

or

  • an individual on whose behalf contributions are made, unless they are a foreign resident for whom the only contributions made to the fund are payments in respect of a time when they were an Australian resident.

The central management and control of a superannuation fund is taken to be ordinarily in Australia even if that central management and control is temporarily outside Australia for a period of not more than two years.

Print X in the No box at J if your fund does not meet the above definition of Australian superannuation fund at any time during the income year. Your fund will lose its complying superannuation fund status, and a tax rate of 45% will apply to your fund's assessable income for this income year

QC20485