S 481 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income. For saving provisions, see note under Part
heading. S 481 formerly read:
SECTION 481 WHAT IS A FIF
An entity is a FIF at a particular time if at that time the entity is:
a foreign company; or
a foreign trust.
A company is a foreign company at a particular time if at that time the company is not a Part XI Australian resident.
A trust is a foreign trust at a particular time if:
at that time the trust is neither an Australian trust nor a resident superannuation entity; and
the trust did not result from:
a will, a codicil or an order of a court that varied or modified the provisions of a will or a codicil; or
an intestacy or an order of a court that varied or modified the application, in relation to the estate of a deceased person, of the provisions of the law relating to the distribution of the estates of persons who die intestate.
S 481(3) amended by No 15 of 2007, s 3 and Sch 1 item 132, by substituting
resident superannuation entity
resident Part IX entity
in para (a), applicable to the 2007-2008 income year and later years.
S 481 inserted by No 190 of 1992.