INCOME TAX ASSESSMENT ACT 1997 - SECT 295.200 Transfers from foreign superannuation funds

INCOME TAX ASSESSMENT ACT 1997 - SECT 295.200

  (1)   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.

  (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.

  (3)   The amount is included in the income year in which the transfer happens.

  (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.