Taxation Laws Amendment Act (No. 6) 2001 (169 of 2001)

Schedule 3   Superannuation fund residence requirements

Income Tax Assessment Act 1936

2   After subsection 6E(1)

Insert:

(1A) A fund satisfies this subsection at the relevant time if the trustees of the fund are individuals and at that time:

(a) a trustee or trustees of the fund are temporarily absent from Australia; and

(b) the central management and control of the fund would be in Australia if that trustee or those trustees were in Australia; and

(c) the continuous period for which that trustee or each of those trustees has, at that time, been outside Australia does not exceed:

(i) 2 years; or

(ii) such longer period as is applicable to the circumstances in accordance with the regulations.

(1B) A fund satisfies this subsection at the relevant time if the trustee of the fund is a company and at the relevant time:

(a) a director or directors of the company are temporarily absent from Australia; and

(b) the central management and control of the fund would be in Australia if that director or those directors were in Australia; and

(c) the continuous period for which the director or each of those directors has, at that time, been outside Australia does not exceed:

(i) 2 years; or

(ii) such longer period as is applicable to the circumstances in accordance with the regulations.

(1C) In applying subsections (1A) and (1B), a person who:

(a) is outside Australia at a particular time; and

(b) returns to Australia for a continuous period of 28 days or less; and

(c) then leaves Australia;

is treated as having been outside Australia for the period referred to in paragraph (b).