Document ID: chunk:federal_register_of_legislation:C2025C00134:section:20a
Version: federal_register_of_legislation:C2025C00134
Segment Type: section
Provision Reference: s 20A
Character Range: 135214–136356

20A  Resident approved deposit funds

Resident approved deposit funds
 (1) For the purposes of this Act, an approved deposit fund is a resident approved deposit fund at a particular time if, and only if:
 (a) either:
 (i) the fund was established in Australia; or
 (ii) at that time, any asset of the fund is situated in Australia; and
 (b) at that time, the central management and control of the fund is in Australia; and
 (c) at that time, the percentage worked out using the following formula is not less than 50%:

  where:
  Accumulated entitlements of resident members means the sum of so much of the value of the assets of the fund at that time as is attributable to:
 (i) deposits made to the fund before that time by or in respect of members of the fund who are residents at that time; and
 (ii) income or accretions arising from those deposits.
  Total assets of fund means the value of the assets of the fund at that time.

Definitions
 (2) In this section:
Australia has the same meaning as in the Income Tax Assessment Act 1936.
member includes depositor.
resident has the same meaning as in the Income Tax Assessment Act 1936.