Income Tax Assessment Act 1997
The assessable income of a fund that is an *Australian superannuation fund for the income year includes an amount transferred to the fund from a fund that was a *foreign superannuation fund for the income year in relation to a member of the foreign fund to the extent that the amount transferred exceeds amounts vested in the member at the time of the transfer. 295-200(2)
The assessable income of a fund that is a *complying superannuation fund for the income year includes so much of an amount transferred to the fund from a fund that was a *foreign superannuation fund for the income year as is specified in a choice made by a former member of the foreign fund under section 305-80 . 295-200(3)
The amount is included in the income year in which the transfer happens. 295-200(4)
This section also applies to an amount transferred from a scheme for the payment of benefits in the nature of superannuation upon retirement or death that:
(a) is not, and never has been, an *Australian superannuation fund or a *foreign superannuation fund; and
(b) was not established in Australia; and
(c) is not centrally managed or controlled in Australia.
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