Is the Country A pension fund a 'foreign superannuation fund' as defined in section 995-1 of the Income Tax Assessment Act 1997 (ITAA 1997)?
Yes. This ruling applies for the following periods : Year ended 30 June 20xx Year ending 30 June 20xx The scheme commenced on: 1 July 20xx
You are an Australian resident for tax purposes. Your parent (the deceased) was a Country A resident for tax purpose, and passed away on XX XX XXXX. The Deceased had a Country A based pension fund. The balance of the Deceased's interest in the Country A fund on XX XX XXXX was XX. There were no contributions or foreign fund transfers into the Country A fund since the deceased had passed. You inherited the Deceased's benefits in the Country A fund. You now wish to receive a lump sum into your Australian bank account. The rules of the Country A fund provide that superannuation benefits can only be paid for retirement, ill-health and death.
Income Tax Assessment Act 1997 section 295-95 Income Tax Assessment Act 1997 subsection 295-95(2) Income Tax Assessment Act 1997 Subdivision 305-B Income Tax Assessment Act 1997 section 305-55 Income Tax Assessment Act 1997 section 305-70 Income Tax Assessment Act 1997 section 305-75 Income Tax Assessment Act 1997 section 995-1 Income Tax Assessment Act 1997 subsection 995-1(1) Superannuation Industry (Supervision) Act 1993 section 10 Superannuation Industry (Supervision) Act 1993 section 62 Detailed reasoning Lump sum payments received from certain foreign superannuation funds Subdivision 305-B of the Income Tax Assessment Act 1997 (ITAA 1997) sets out the tax treatment of superannuation lump sum benefits paid from foreign superannuation funds and other foreign schemes for the payment of