Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 481

             (1)  An entity is a FIF at a particular time if at that time the entity is:

                     (a)  a foreign company; or

                     (b)  a foreign trust.

             (2)  A company is a foreign company at a particular time if at that time the company is not a Part XI Australian resident.

             (3)  A trust is a foreign trust at a particular time if:

                     (a)  at that time the trust is neither an Australian trust nor a resident superannuation entity; and

                     (b)  the trust did not result from:

                              (i)  a will, a codicil or an order of a court that varied or modified the provisions of a will or a codicil; or

                             (ii)  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.