Superannuation Industry (Supervision) Act 1993

PART 1 - PRELIMINARY  

Division 2 - Interpretation  

SECTION 20A   RESIDENT APPROVED DEPOSIT FUNDS  

20A(1)   Resident approved deposit funds.  

For the purposes of this Act, an approved deposit fund is a resident approved deposit fund at a particular time if, and only if:


(a) either:


(i) the fund was established in Australia; or

(ii) at that time, any asset of the fund is situated in Australia; and


(b) at that time, the central management and control of the fund is in Australia; and


(c) at that time, the percentage worked out using the following formula is not less than 50%:


Accumulated entitlements of resident members ×   100
Total assets of fund
where:
Accumulated entitlements of resident members means the sum of so much of the value of the assets of the fund at that time as is attributable to:
(i) deposits made to the fund before that time by or in respect of members of the fund who are residents at that time; and
(ii) income or accretions arising from those deposits;
Total assets of fund means the value of the assets of the fund at that time.

20A(2)   Definitions.  

In this section:

Australia
has the same meaning as in the Income Tax Assessment Act 1936 .

member
includes depositor.

resident
has the same meaning as in the Income Tax Assessment Act 1936 .


 

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