Private ruling: Managed Investment Trust rules: whether a foreign pension fund is an entity covered by subsection 275-20(4) of the Income Tax Assessment Act 1997 as a foreign superannuation fund
Date of advice: 15 July 2022
Published: October 2022
Ruling period: 1 July XXXX to 30 June YYYY
Date scheme commenced: 1 July XXXX

Ruling: Q1: Can Trust D treat the Pension Fund as an entity covered by subsection 275-20(4) for the purpose of determining Trust D's status as a Managed Investment Trust? | A1: Yes.

Relevant facts and circumstances: The trustee, the fund, and the unit trusts 1. Company A is the trustee and investment manager for Fund B. Company A holds Fund B's assets for the benefit of Fund B's investors. 2. Company A is incorporated in Australia. 3. Fund B is a collective investment platform, formed for the purpose of investing in a diversified mix of assets in Industry C. 4. Fund B is comprised of two Australian unit trusts: Trust D and Trust E. These trusts are stapled such that unitholders in the platform will hold the same proportionate interests in both trusts. 5. Trust D's assets are in Australia. Trust D currently holds two Industry C assets in Australia. Trust D is expected to acquire interests in other Australian Industry C assets in the future. 6. The initial sole unitholder of Fund B is Trust F, another Australian unit trust. Company A is also the trustee and investment manager for Trust F. 7. Company A is also the trustee and investment manager for both Trust D and Trust E. 8. Company A makes Trust D's high-level strategic decisions; these decisions are made in Australia. 9. The initial sole unitholder in Trust F is an entity in a foreign country: Country G. The unitholder is established under Country G's laws as an Entity Type H. The unitholder operates a Pension Fund. 10. Other investors may invest in Fund B through Trust F in the future. In the future, Australian investors may also invest in Fund B directly. Domestic investors would generally be institutional in nature. The Pension Fund's location and legal status 11. The Pension Fund is based in Country G which holds and invests assets for and on behalf of pension participants as members in the pension scheme. Entity Type H is a separate legal entity under Country G laws, with separate legal personality. 12. The Pension Fund is a resident of Country G for tax purposes. The Pension Fund is eligible to be treated as a tax-exempt pension fund under Country G taxation law. 13. The Pension Fund is established in Country G, under Country G's laws, and hasn't been given any notice by Australian regulators stating that it is a 'complying superannuation fund' or a 'complying approved deposit fund'. The Pension Fund's purpose: paying pensions to Employer I employees 14. Employer I is a group listed in Country G. Country G's Government has assigned it functions, but doesn't have a stake in it. Employer I's annual reports say it provides services in Industry J in Country G, and nearby countries. <For the purposes of this edited version, we'll say those nearby countries don't include Australia.> 15. The Pension Fund implements the pension scheme of Employer I, which is based on pension arrangements between Employer I and trade unions. The Pension Fund has governing rules established under Country G's law. These rules provide that the purpose of the Pension Fund is to protect beneficiaries from the financial consequences of old age, disability, and death, and to provide pension benefits and pension rights within the limits of its resources in the short and long term. 16. As at the date of the private ruling application, the Pension Fund has thousands of individuals in receipt of either pension benefits or entitled to such benefits. According to a recent Pension Fund annual report, at the end of the relevant income year, the Pension Fund had more than X participants (referring to employees or former employees of Employer I who had acquired pension entitlements under the pension arrangements against the Pension Fund) and other individuals who were in receipt of pension benefits. <For the purposes of this edited version, we'll confirm that the number X is more than 1,000.> 17. The Pension Fund's annual report refers to pension schemes as 'pension agreements' or 'pension contracts'. The governing rules provide that the relevant agreements or contracts shall have the character of a 'benefit contract' under Country G laws. 18. While the governing rules of the Pension Fund state that the Pension Fund may be dissolved by a decision of the Board to that effect, the governing rules of the Pension Fund provides that the Pension Fund Board shall not dissolve or liquidate the Pension Fund as long as the governing rules haven't been terminated by Employer I. No such decision for termination or windup has been made or approved by Employer I. 19. It's the intention and expectation that the Pension Fund will continue indefinitely to fulfill its purpose of providing superannuation or retirement benefits. 20. There's no sunset clause in the governing rules of the Pension Fund that requires the Pension Fund to be terminated or wound up. The governing rules don't specify an end date. The Pension Fund's members and their entitlements 21. Under the Pension Fund: • members' entitlements under the governing rules cannot be bought off, disposed of, surrendered, or become secured, except in incidental cases • members don't have an immediate entitlement to any particular property, a specific number of assets of the Pension Fund, or even assets generally • members can roll over their benefits/entitlements to other pension funds, but only when they no longer work at Employer I and meet other conditions • members don't have an immediate entitlement to have their interest satisfied by the transfer of a specific number of assets/units • the Pension Fund is restricted from making any distributions of profits, capital, or reserves • members aren't beneficially entitled to the income or assets of the pension fund, and can't require payment of the amount that stands to their credit from time to time before they become eligible • members don't accrue income from the investment as it arises: they are paid a determined pension rate, at the point when they become eligible • pension benefits are calculated based on factors defined by the governing rules (amount contributed, number of years person has contributed, age of person drawing benefits) • benefits aren't drawn from the pension scheme beyond the pension benefits described by the governing rules. 22. The governing rules state the pension benefits and pension rights the Pension Fund provides are: • old-age pension for participating employees and former employees • partner pension after the death of a participant for his/her (ex) partner • partner pension after the death of a former participant or pensioner for his/her (ex) partner • orphan's pension after the death of a (former) participant or pensioner for his/her minor and incapacitated adult child/ren • disability pension. 23. All the Pension Fund's members are current or former Employer I employees. The Pension Fund has no other members or participants, except to the extent that partners or children might receive pensions under the governing rules. 24. Participation is effectively compulsory. Employer I's employees, and employees of companies affiliated with Employer I, are covered either by the Industry J workers' collective agreement or an individual agreement. Under those agreements, Employer I's employees, and employees of companies affiliated with Employer I, are required to participate in the Pension Fund if they're over 21 years old. They aren't required to pay extra consideration for joining the fund. 25. Both employees and Employer I make contributions into the fund. In other words, pensions are partly funded by the employer, and partly by the employee. • Under the standard/ordinary old-age pension scheme (for middle salary earners), member contributions are compulsory, and are deducted by the employer from the member's gross salary. • Members are also allowed to make additional voluntary contributions to build up a supplementary old-age pension. Voluntary investments are also deducted by the employer from the member's gross salary. The participant chooses from different investment options and assumes the corresponding risk. On retirement or ceasing employment, the voluntary investments and returns are converted into an additional pension entitlement. • The employer also makes a direct contribution. 26. All moneys of the Pension Fund are amounts used solely for the purposes of administering and paying out pension benefits. There are no benefits drawn from the Pension Fund to members beyond those prescribed above (plus roll-overs into other funds). The Pension Fund has no other purpose. 27. The Pension Fund's key management bodies are the Board, the Accountability Body, and the Supervisory Board. Those bodies are comprised of persons who are residents of foreign countries who make strategic high-level decisions and engage in their high-level duties and activities for the Pension Fund outside of Australia. 28. The Pension Fund Board manages the pension contributions and has control over the management and investment of the Pension Fund's resources. The Board has the power to sell and vary investments in accordance with the governing rules of the Pension Fund. See the Table for a brief description of the duties, and responsibilities for these bodies. Table: Function, duties, and responsibilities for the Board, the Accountability Body, and the Supervisory Board Body Brief description of duties and responsibilities Board Implements the Pension Fund's governing rules. Accountable to the Accountability Body for the Pension Fund's policies, and the way they've been implemented. Ensures the Pension Fund is committed to its objectives and is maintaining its risk attitude. Undertakes all management and makes decisions relevant to achieving the Pension Fund's objectives. Concludes contracts to buy or dispose of goods, and can deny the purchase or sale of goods. Invests available funds. Accountability Body Assesses the Board's actions, based on information including the Board's report, the Pension Fund's financial statements, and internal oversight findings about the Board's policies. Assesses the Board's proposed policies. Supervisory Board Oversees the Board's management of the Pension Fund. Ensures adequate risk management, and that the Board's interests are balanced. Accountable to the Accountability Body and Employer I for performing its duties and exercising its powers. 29. Beyond these three key management bodies, no other entities make high-level, strategic decisions for the Pension Fund, either formally or in practice.

Relevant legislative provisions: Income Tax Assessment Act 1997 Section 275-10 | Section 275-15 | Section 275-20 | Section 275-25 | Section 275-30 | Section 295-95 | Section 960-100 | Section 960-130 | Section 995-1 | Superannuation Industry (Supervision) Act 1993 Section 6 | Section 10 | Section 45 | Section 47

Reasons for decision: Summary: 30. Yes, Trust D can treat the Pension Fund as an entity covered by subsection 275-20(4) to determine Trust D's status as a Managed Investment Trust. The Pension Fund qualifies as a foreign superannuation fund with more than 50 members. | Detailed Reasoning - Context: the Managed Investment Trust rules in Division 275 apply to trusts which satisfy conditions in section 275-10 and related sections.: 31. Broadly, a Managed Investment Trust is defined in subsections 275-10(1) and 275-10(2) as a trust which satisfies certain conditions in Division 275. 32. For the 'ordinary case' in paragraph 275-10(1)(a), the relevant conditions are set by subsection 275-10(3), which (broadly) requires that the trust: • has either an Australian resident trustee, or central management and control in Australia • is not a trading trust under Division 6C of the Income Tax Assessment Act 1936 • is a managed investment scheme under the Corporations Act 2001 • is either registered under the Corporations Act 2001, or it meets other conditions in section 275-15 • meets 'widely held' requirements: see section 275-15, subsections 275-20(1), 275-20(2), and 275-25(1) • meets 'closely held' requirements in section 275-30 • meets licensing requirements in section 275-35 (if relevant). 33. Those 'widely held' requirements are that either (depending on which provision applies): • the trust has at least 25 members: subsection 275-20(1) • the trust is quoted on an approved Australian stock exchange or has at least 50 members: subsection 275-20(2) • entities covered by subsection 275-20(4) have at least 25% ownership interests in the trust, and no other entities have more than 60% ownership interests: subsection 275-25(1). [1] 34. Broadly, the 'closely held' requirements in section 275-30 are that the trust must not: • have fewer than 10 or 20 people (depending on whether other specific provisions apply) holding 75% or more of the units • have a foreign resident individual holding 10% or more of the units. 35. For the 'widely held' and 'closely held' requirements, modified counting rules apply to entities 'covered by' subsection 275-20(4). Subsection 275-20(4) covers a list of entities, including: 'a complying superannuation fund, a complying approved deposit fund, or a foreign superannuation fund, being a fund that has at least 50 members': paragraph 275-20(4)(c). Paragraph 275-20(4)(c) seems the most relevant so we won't consider whether the Pension Fund qualifies under any other head. 36. To qualify under paragraph 275-20(4)(c), the Pension Fund must meet two conditions. First, it must be at least one of : • a complying superannuation fund • a complying approved deposit fund • a foreign superannuation fund. Second, it must have at least 50 members. We'll address each condition in turn. | Detailed Reasoning - The first condition in paragraph 275-20(4)(c): complying superannuation fund, complying approved deposit fund, foreign superannuation fund.: The Pension Fund isn't a complying superannuation fund or a complying approved deposit fund: it hasn't been given a notice by APRA. 37. Section 995-1 says a • complying superannuation fund means a complying superannuation fund within the meaning of section 45 • complying approved deposit fund means a complying approved deposit fund within the meaning of section 47. 38. Broadly, section 45 says a fund is a complying superannuation fund if the regulator has given the fund a notice to that effect. (Broadly, the effect of sections 6 and 10 is that the Commissioner of Taxation is the regulator for self-managed superannuation funds, and APRA for other superannuation funds.) For completeness, an exempt public sector superannuation scheme is also a complying superannuation fund. 39. For completeness, exempt public sector superannuation is a defined term too. Section 10 says: • an exempt public sector superannuation scheme means a public sector superannuation scheme specified in regulations • a public sector superannuation scheme is a scheme established either: § under Commonwealth, state, or territory law § under the authority of the Commonwealth, a state, a territory, or § a local government body established under Commonwealth, state, or territory law. under its authority, to pay superannuation, retirement, or death benefits. 40. Section 47 says a fund is a complying approved deposit fund if APRA has given it a notice to that effect. 41. The Pension Fund isn't a complying superannuation fund. The relevant regulator hasn't given the fund a notice that it's a regulated superfund. It's established under Country G's law, not Commonwealth, state, or territory law. 42. The Pension Fund isn't a complying approved deposit fund either. APRA hasn't given it a notice that it qualifies as one. A foreign superannuation fund must be a fund established for the purpose of providing superannuation benefits to members, which isn't an Australian superannuation fund. 43. Section 995-1 says a superannuation fund is a foreign superannuation fund: • at a time, if the fund isn't an Australian superannuation fund at that time, and • for an income year, if the fund isn't an Australian superannuation fund for the income year. 44. Therefore, to qualify as a foreign superannuation fund, the Pension Fund must • be a superannuation fund, and • not be an Australian superannuation fund. We'll address each condition. The Pension Fund is a superannuation fund because it's established to pay pensions to employees and related parties 45. Section 995-1 says superannuation fund has the meaning given by section 10. 46. Section 10 says a superannuation fund fund means: (a) a fund that: (i) is an indefinitely continuing fund; and (ii) is a provident, benefit, superannuation or retirement fund; or (b) a public sector superannuation scheme. 47. Neither phrase in the paragraph (a) part of this definition is defined, so we've looked at dictionaries and ATO guidance. • Dictionaries suggest 'indefinite' means an unlimited, vague, undefined, or imprecise amount. [2] • ATO ID 2009/67 [3] concluded that a retirement plan qualified as an indefinitely continuing fund' because it a) was intended to continue indefinitely, and b) didn't have a clause in its constituent documents requiring it to be terminated or wound up after a specified period. • ATO ID 2009/67 also said that fund will be a 'provident, benefit, superannuation or retirement fund' where the fund's sole purpose is to provide superannuation benefits upon the member reaching a prescribed age, or upon retirement, death, or other cessation of employment. 48. The Pension Fund is a superannuation fund. • First, the Pension fund has an unlimited life. The Pension Fund isn't expected to wind-up at a particular date. The Pension Fund's rules don't establish a compulsory end date. While they allow for it to be wound-up if its agreement with Employer I is terminated, no decision to terminate that agreement has been made, or is contemplated. Therefore, the Pension Fund is an indefinitely continuing fund. • Second, its sole purpose is to provide superannuation benefits. The Pension Fund's governing rules say that the fund's sole purpose is to provide pension, disability, partner pensions, or orphan pensions for its members. The Pension Fund's only members are current or former Employer I employees. It has no other purposes. It meets the ordinary meaning of provident, benefit, superannuation, or retirement fund, as that phrase is interpreted by ATO ID 2009/67. 49. For completeness, the Pension Fund isn't a public sector superannuation scheme. It wasn't established under a Commonwealth, state, or territory law. It wasn't established by a Commonwealth, state, or territory government, or a local authority established under Commonwealth, state, or territory law. While it was established under Country G's law, funds established under foreign laws aren't public sector superannuation funds as defined in the SISA. The Pension Fund isn't an Australian superannuation fund 50. Section 995-1 says Australian superannuation fund has the meaning given by section 295-95. 51. Subsection 295-95(2) says: A *superannuation fund is an Australian superannuation fund at a time, and for the income year in which that time occurs, if: (a) the fund was established in Australia, or any asset of the fund is situated in Australia at that time; and (b) at that time, the central management and control of the fund is ordinarily in Australia; and (c) at that time either the fund had no member covered by subsection (3) (an active member ) or at least 50% of: (i) the total *market value of the fund ' s assets attributable to *superannuation interests held by active members; or (ii) the sum of the amounts that would be payable to or in respect of active members if they voluntarily ceased to be members; is attributable to superannuation interests held by active members who are Australian residents. 52. Subsection 295-95(3) is about whether a member is an 'active member'. This subsection says a member is covered by the subsection if a member is a contributor to the fund at that time, or an individual on whose behalf contributions have been made, other than a foreign resident who isn't a contributor. 53. Therefore, to be an Australian superannuation fund, a superannuation fund needs to meet three conditions. • It must either have been established in Australia or have an asset situated in Australia. • The fund's central management and control must ordinarily be in Australia. • For a fund with active members, at least 50% of the fund's assets must be attributable to superannuation interests held by contributing members who are Australian residents. 54. There's ATO guidance about the meaning of these conditions. We'll restate some propositions from TR 2008/9. [4] • A fund will be established in Australia where the initial contribution was paid to and accepted by the trustee in Australia. It isn't necessary for the deed to be signed and executed in Australia. [paragraph 13] • Where the asset is an interest in a trust, the asset will be situated in Australia in two situations. If the holder has a beneficial interest in trust property, the interest is held in Australia if the underlying property is in Australia. If the holder only has a right to sue the trustees, the interest is situated in Australia if the trustee's residence is in Australia. [paragraph 105] • Establishing the place of central management and control is about who, when, and where the strategic and high-level decision-making processes and activities are carried out. Examples might be formulating strategies for investment or managing reserves, and determining how fund assets are to be used. Day-to-day operational or administrative actions aren't relevant. [paragraphs 20, 21, 116 and 117] • Who exercises central management and control is a question of fact. Legal duties are relevant but not decisive. The focus is on who in fact performs high-level duties in practice. An outsider might exercise central management and control if they make decisions independent of the trustee. [paragraphs 22-24, and 120-124] • The location of central management and control is about where the high-level strategic decisions are made, and the duties performed. Residency of the entities carrying out the central management and control isn't relevant. [paragraphs 27 and 139] • If there's a fund with a group of trustees or corporate directors, the place where they meet to exercise the central management and control is the place of central management and control. [paragraph 135] • If meetings are electronic, the location is where the participants contributing to high-level decisions are located, not where the facilities are based. [paragraph 137] 55. The first condition (establishment or assets located in Australia) is met, because the Pension Fund's interest in Trust D is situated in Australia. • The Pension Fund isn't established in Australia: it's established under laws of Country G. • However, it currently controls all the units in Trust F. Trust F owns all the units in Trust D. Trust D holds Australian property. The Pension Fund controls a chain of trusts with trust property in Australia. • Company A is the trustee for both Trust D and Trust F. Company A is incorporated in Australia, carries out its activities, and makes its decisions in Australia. • Applying paragraph 105 in TR 2008/9, the Pension Fund's interest in Trust D is situated in Australia. Trust D's assets are in Australia, and it carries out its activities in Australia. Trust D's trustee is incorporated in Australia and makes its decisions in Australia, so it resides in Australia. Any action the Pension Fund might make against the trustee would be launched in Australia. We don't need to determine whether the Pension Fund has a beneficial interest in specific property held by Trust D because both the assets and trustee are in Australia. 56. The second condition (central management and control) isn't met. The Pension Fund is controlled by its board, accountability body, and supervisory board. Those bodies make strategic and high-level decisions outside Australia. While they might delegate some functions (like day-to-day investment decisions), they at least maintain oversight over those investment decisions, and set broader strategy. Therefore, the location of central management and control isn't in Australia. 57. The third condition (50% of fund assets attributable to Australian residents) isn't met either. (The Pension Fund is a continuing pension fund for a business with current employees, so it clearly has active members for the purpose of this provision.) The Pension Fund operates exclusively for Employer I's employees, and their associates. Employer I carries out Industry J services in Country G and nearby countries which don't include Australia. We've assumed that less than 50% of its contributing members would be Australian residents. 58. It follows that the Pension Fund isn't an Australian superannuation fund because it only meets the first of the three conditions. 59. Therefore, the Pension Fund meets the first condition in paragraph 275-20(4)(c). It qualifies as a 'foreign superannuation fund' because it's a superannuation fund, and isn't an Australian superannuation fund. | Detailed Reasoning - The second condition in paragraph 275-20(4)(c): the fund must have at least 50 members: 60. The second condition in paragraph 275-20(4)(c) requires that the fund must have at least 50 members. 61. 'Member' is a defined term. • Section 995-1 says 'member' 'in relation to an entity' has the meaning given by section 960-130. • Entity includes a superannuation fund: see paragraph 960-100(1)(g). • Subsection 960-130(1) has a table, setting out who is a member in companies, partnerships, trusts, and public trading trust. Item 1 says members of a company include 'a member of the company or a stockholder in the company'. Item 3 says members of a trust (except a public trading trust) include beneficiaries, unitholders, or objects of the trust. 62. To determine whether the Pension Fund has more than 50 members, we need to determine if the Pension Fund fits in one of these categories. We don't have any information suggesting the Pension Fund is a partnership, or a public trading trust. Is the Pension Fund a company? No, it isn't a person, association, or group of persons incorporated in a corporation. 63. Section 995-1 says 'company' means a body corporate, or any other unincorporated body of persons, but doesn't include a partnership or non-entity joint venture. 'Body corporate' isn't defined. Its meaning should be informed by ordinary meaning and context. The Macquarie Dictionary says 'body corporate' is a law term, meaning a person, association, or group of persons legally incorporated in a corporation. [5] 64. We don't think the Pension Fund is a company. • The Pension Fund is established as Entity Type H, which is a separate legal entity with legal personality under Country G laws. • It isn't clear whether Entity Type H can be described as a body of persons 'legally incorporated in a corporation.' • It doesn't have members or stockholders in the sense that a company does: it manages fund assets for the purpose of paying pensions to members in the fund. • We think an 'Entity Type H' entity should be treated separately to the Pension Fund which it administers. We think the Pension Fund is a trust. The 'Entity Type H' entity holds fund property for the benefit of current and former employees and their associates. 65. Trusts are a legal relationship between a trustee, and a beneficiary, in respect of certain property. The essential elements of that relationship are that a trustee holds legal title to property, under a personal (equitable or fiduciary) obligation to deal with that property, for the benefit of beneficiaries (or other purposes). [6] 66. ATO view documents show at least one type of foreign employment fund will be a trust for Australian tax purposes. <The references to the relevant ATO view documents in this paragraph have been redacted for the purposes of this edited version because of privacy concerns.>The essential elements of a trust were established on similar facts to this scenario. 67. Applying the reasoning in those ATO documents, we think that the same reasoning would apply to the Pension Fund: Entity Type H is a trustee, the trust property consists of contributions made by Employer I and its employees, Employer I's employees and their dependents are the beneficiaries. We think Entity Type H holds the property subject to an obligation to apply the trust property to benefit the beneficiaries. Does the Pension Fund have more than 50 members? Yes. It has more than X participants, which will be treated as members for this purpose. 68. The second condition in paragraph 275-20(4)(c) is met because the Pension Fund has more than X participants. <For the purposes of this edited version, X is more than 1,000>. • To repeat, item 3 in the table in subsection 960-130(1) says members of a trust (except a public trading trust) include beneficiaries, unitholders, or objects of the trust. • We've decided that the Pension Fund is a trust, and the employees and their dependants participating in the fund are its beneficiaries or objects. • The trust's beneficiaries are its members for tax purposes: see subsection 960-130(1). • A recent Pension Fund annual report says it had more than X participants. • Since these participants are the fund's members, the Pension Fund has more than 50 members. | Detailed Reasoning - Conclusion: the Pension Fund is an entity covered by subsection 275-20(4): 69. The Pension Fund is an entity 'covered by subsection 275-20(4)' for the purposes of determining whether Trust D qualifies as a Managed Investment Trust. The Pension Fund qualifies under paragraph 275-20(4)(c) because it's a foreign superannuation fund with more than 50 members. [1] To be more specific, subsection 275-25(1) uses the phrase 'MIT participation interests'. This is defined in section 275-40. Broadly, MIT participation interests cover outright holdings, rights to acquire, ability to control, and income rights. [2] Macquarie Dictionary Publishers (2022), The Macquarie Dictionary online, accessed at https://www.macquariedictionary.com.au/features/word/search/?search_word_type=Dictionary&word=indefinite on 4 July 2022; Oxford University Press (2004), Australian Oxford Dictionary, accessed at https://www.oxfordreference.com/view/10.1093/acref/9780195517965.001.0001/m-en_au-msdict-00001-0026930?rskey=Rv6zY8&result=1 on 4 July 2022. [3] ATO Interpretive Decision ATO ID 2009/67 Income Tax: Superannuation fund for foreign residents. [4] Taxation Ruling TR 2008/9 Income tax: meaning of 'Australian superannuation fund' in subsection 295-95(2) of the Income Tax Assessment Act 1997. [5] Macmillan Publishers Australia (2022) The Macquarie Dictionary online, accessed at https://www.macquariedictionary.com.au/features/word/search/?search_word_type=Dictionary&word=body+corporate on 14 July 2022. [6] See generally, Heydon, JD and Leeming, MJ (2016) Jacob's Law of Trusts in Australia, 8 th edition, LexisNexis Butterworths Australia, [1.01]-1.10], accessed online at https://advance.lexis.com/toc/index?crid=c1a428fc-be6b-4895-b8f1-4bd9741fb4ac&pdpermalink=74e3aa73-4e2b-40e1-b713-cc34090ab166&pdmfid=1201008&pdisurlapi=true on 14 July 2022.

Reasons for decision: Hyphenated section references (eg, section 275-20) are to the Income Tax Assessment Act 1997 . Division 275 is in the Income Tax Assessment Act 1997 . | Unhyphenated section references (eg, section 6) are to the Superannuation Industry (Supervision) Act 1993.