Definition of widely‑held complying superannuation fund
4A Definition of widely‑held complying superannuation fund
For the purposes of this Act, a fund is a widely‑held complying superannuation fund if:
it has 5 or more members; and
it satisfies the test in either subsection (2) or (3).
Resident funds
A fund satisfies the test in this subsection at a particular time during a year of income of the fund (within the meaning of the Income Tax Assessment Act 1936) if it is a complying superannuation fund for the purposes of the Income Tax Assessment Act 1997 in relation to the year of income.
Non‑resident funds
A fund satisfies the test in this subsection if:
it is a superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993); and
it is a foreign superannuation fund (within the meaning of the Income Tax Assessment Act 1997); and
it is established for the sole or principal purpose of providing retirement benefits for its members; and
it complies with the applicable laws of a foreign country that regulate funds established for that purpose.
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