INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 118 - Exemptions  

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

SECTION 118-520   Meaning of superannuation fund for foreign residents  

118-520(1)  
A fund is a superannuation fund for foreign residents 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.

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


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