Commonwealth Consolidated Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 20A

Resident approved deposit funds

             (1)  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%:

                            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.

Definitions

             (2)  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 .