Taxation Laws Amendment Act (No. 4) 1994 (181 of 1994)

Schedule 3 AMENDMENTS RELATING TO SUPERANNUATION

Insert:

Resident approved deposit funds

"20A. (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

(Accumulated entitlements of resident members / Total assets of fund) * 100

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.".