Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 295 - Taxation of superannuation entities  

Subdivision 295-C - Contributions included  

Transfers from foreign funds

SECTION 295-200   Transfers from foreign superannuation funds  

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.

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.