Document ID: chunk:federal_register_of_legislation:C2010C00646:clause:3_2
Version: federal_register_of_legislation:C2010C00646
Segment Type: clause
Provision Reference: sch 3 cl 2
Character Range: 10867–12391

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).