ATO Rulings and Determinations
Meaning of “Australian superannuation fund”
12.12.2008
A final ruling has been issued which sets out the Commissioner’s interpretation of the definition of “Australian superannuation fund” in sec 295-95(2) ITAA 1997 (which has applied since 1 July 2007) (TR 2008/9). The definition of “Australian superannuation fund” is relevant in determining whether a superannuation fund is a “complying superannuation fund” for the purposes of the Superannuation Industry (Supervision) Act 1993.
The ruling considers the three tests that a fund must satisfy in order to be treated as an “Australian superannuation fund” but particularly focuses on the “central management and control” test. The application of this test in situations where an individual trustee or a director of a corporate trustee of a superannuation fund delegates their duties and powers is considered.
