Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:1_12
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 1 cl 12
Character Range: 237389–238293

12  Section 118‑520
Repeal the section, substitute:

118‑520  Meaning of superannuation fund for foreign residents

 (1) A fund is a superannuation fund for foreign residents at a time if:
 (a) at that time, it is:
 (i) an indefinitely continuing fund; and
 (ii) a provident, benefit, superannuation or retirement fund; and
 (b) it was established in a foreign country; and
 (c) it was established, and is maintained at that time, only to provide benefits for individuals who are not Australian residents; and
 (d) at that time, its central management and control is carried on outside Australia by entities none of whom is an Australian resident.

 (2) However, a fund is not a superannuation fund for foreign residents if:
 (a) an amount paid to the fund or set aside for the fund has been or can be deducted under this Act; or
 (b) a *tax offset has been allowed or is allowable for such an amount.