Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p35
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 84538–87161

'relevant time')
if, and only if:
  (a) the fund is a provident, benefit, superannuation or
retirement fund at the relevant time; and
  (b) either of the following conditions is satisfied:
    (i) the fund was established in Australia;
    (ii) any asset of the fund at the relevant time is situated
in Australia; and
  (c) at the relevant time, the central management and control
of the fund is in Australia; and
  (d) in respect of a fund that, at the relevant time, has at
least one active member - the percentage worked out using the
following formula is not less than 50%:
    Total of accumulated entitlements of resident
        active members at the relevant time
    ---------------------------------------------    x  100
     Total of accumulated entitlements of active
            members at the relevant time
where:
  'accumulated entitlement', in relation to an active member of
the fund at the relevant time, means:
  (a) in respect of a member who, at that time, is an active
member without defined benefits - so much of the value of the
assets of the fund at that time as is attributable to:
    (i) contributions made to the fund before that time by or
in respect of that member; and
    (ii) income or accretions arising from those contributions;
or
  (b) in respect of a member who, at that time, is an active
member with defined benefits - the amount that would be payable
at that time to or in respect of that member if he or she
voluntarily ceased to be a member.
Non-resident superannuation fund at a particular time
  "(2) For the purposes of this Act, a fund is a non-resident
superannuation fund at a particular time if, and only if, the
fund:
  (a) is a provident, benefit, superannuation or retirement
fund at that time; and
  (b) is not a resident superannuation fund at that time.
Resident superannuation fund in relation to a year of income
  "(3) For the purposes of this Act, a fund is a resident
superannuation fund in relation to a year of income if, and
only if:
  (a) the fund is a provident, benefit, superannuation or
retirement fund at all times during the year of income when the
fund is in existence; and
  (b) the fund is a resident superannuation fund at any time
during the year of income when the fund is in existence.
Non-resident superannuation fund in relation to a year of
income
  "(4) For the purposes of this Act, a fund is a non-resident
superannuation fund in relation to a year of income if, and
only if, the fund:
  (a) is a provident, benefit, superannuation or retirement
fund at all times during the year of income when the fund is in
existence; and
  (b) is not