Resident approved deposit funds
20A Resident approved deposit funds
Resident approved deposit funds
For the purposes of this Act, an approved deposit fund is a resident approved deposit fund at a particular time if, and only if:
either:
the fund was established in Australia; or
at that time, any asset of the fund is situated in Australia; and
at that time, the central management and control of the fund is in Australia; and
at that time, the percentage worked out using the following formula is not less than 50%:
Start formula start fraction Accumulated entitlements of resident members over Total assets of fund end fraction times 100 end formula
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:
deposits made to the fund before that time by or in respect of members of the fund who are residents at that time; and
income or accretions arising from those deposits.
Total assets of fund means the value of the assets of the fund at that time.
Definitions
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.
This Act’s bill:Second reading speech
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