Income Tax Assessment Act 1997

Pt 3-1 inserted by No 46 of 1998.

Div 118 inserted by No 46 of 1998.

Subdiv 118-G heading substituted by No 9 of 2007 , s 3 and Sch 1 item 10, applicable to the 2007-2008 income year and later years. The heading formerly read:

Subdivision 118-G - Venture capital: investment by foreign superannuation funds

Subdiv 118-G heading substituted by No 136 of 2002.

Subdiv 118-G inserted by No 165 of 1999.

S 118-520 substituted by No 9 of 2007 , s 3 and Sch 1 item 12, applicable to the 2007-2008 income year and later years. S 118-520 formerly read:

SECTION 118-520 Meaning of foreign superannuation fund  
118-520(1)
A fund is a foreign superannuation fund 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.

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History

S 118-520(1) amended by No 4 of 2007 , s 3 and Sch 2 items 13 and 14, by omitting " or residents of a Territory " after " not Australian residents " in para (c) and omitting " or a resident of a Territory " after " is an Australian resident " in para (d), effective 19 February 2007.

118-520(2)
However, a fund is not a foreign superannuation fund 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.

S 118-520 inserted by No 165 of 1999.