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Edited version of private advice
Authorisation Number: 1052177228376
Date of advice: 6 October 2023
Ruling
Subject: Foreign superannuation fund
Question
Is the Fund a foreign superannuation fund as defined in subsection 995-1(1) of the Income Tax Assessment Act 1997?
Answer
Yes. The Fund only provides benefits for the specific future purposes of the individual's retirement. That is, the payment of benefits upon retirement, invalidity or death of the individual.
This ruling applies for the following periods:
1 July 20XX to 30 June 20XX
The scheme commenced on:
1 July 20XX
Relevant facts and circumstances
You migrated to Australia in 20XX.
You are an Australian resident for tax purposes.
You are a member of a foreign fund (the Fund).
The Fund does not allow members to access their benefits for reasons other than retirement or permanent disability due to injury or illness.
You are considering withdrawing monies from the Fund.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 995-1(1)
Superannuation Industry (Supervision) Act 1993 subsection 10(1)