Treasury Laws Amendment (Making Sure Foreign Investors Pay Their Fair Share of Tax in Australia and Other Measures) Act 2019 (34 of 2019)

Schedule 3   Superannuation funds for foreign residents withholding tax exemption

Part 2   Application and transitional provisions

3   Application

(1) Subject to subitems (2) and (3), the amendments made by this Schedule apply in relation to income that is derived on or after 1 July 2019.

(2) The amendments made by this Schedule apply to income that is derived by a superannuation fund on or after 1 July 2026 if:

(a) the income was derived by the superannuation fund in respect of an asset; and

(b) subsection 128A(3) of the Income Tax Assessment Act 1936 does not apply in relation to that income; and

(c) the superannuation fund acquired the asset on or before 27 March 2018.

(3) The amendments made by this Schedule apply to income that is derived by a superannuation fund on or after 1 July 2026 if:

(a) because of the operation of subsection 128A(3) of the Income Tax Assessment Act 1936,a superannuation fund derived the income because it holds an interest in a trust estate; and

(b) the superannuation fund started to hold that interest on or before 27 March 2018; and

(c) the dividend, non-share dividend or interest that was included in the income of the trust estate as mentioned in that subsection was so included in respect of an asset; and

(d) the trustee of the trust estate acquired the asset on or before 27 March 2018.