Features which concern us
in-house asset provisions, and/or 2. the sole purpose test under section 62 of the SIS Act.
any amounts received by any entity associated with the arrangement may be assessable income under section 6-5 of the Income Tax Assessment Act 1997 (ITAA 1997); 4. such offshore trust funds may be superannuation funds as defined in section 995-1 of the ITAA 1997 and/or subsection 6(1) of the Income Tax Assessment Act 1936 (ITAA 1936); 5. contributions may have been made by the employer entity to the offshore trust fund; 6. contributions to the offshore trust funds in these circumstances may be deductible to employer entities under section 290-60 of the ITAA 1997; 7. contributions to the offshore trust funds may be excluded from being fringe benefits as defined in subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 ; 8. contributions to complying superannuation funds may exceed the concessional/non-concessional caps and attract excess contributions tax under Division 292 of the ITAA 1997; 9. amounts applied by the offshore trust funds for the benefit of employees may be subject to section 99B of the ITAA 1936; 10. liability to withholding tax may apply to interest amounts under section 128B of the ITAA 1936; 11. the trustee of the offshore trust fund or complying superannuation fund may be liable to pay tax under subsection 295-5(2) of the ITAA 1997; 12. lump sum payments may be non assessable and non exempt under sections 305-60 and 305-65 of the ITAA 1997; 13. payments received may be 'applicable fund earnings' and assessable under section 305-70 of the ITAA 1997; 14. the income of the offshore entity structure may be attributable to the employee under Australia's anti-deferral regime for controlled foreign companies contained in Part X of the ITAA 1936; 15. the income of the offshore entity structure may be attributable to the employee under Australia's anti-deferral regime for transferor trusts contained in Division 6AAA of Part III of the ITAA 1936; 16. the income of the offshore entity structure may be attributable to the employee under Australia's anti-deferral regime for foreign investment funds in Part XI of the ITAA 1936; 17. the arrangement may constitute a scheme to which the general anti avoidance rules in Part IVA of the ITAA 1936 apply; and 18. any amounts received by any entity marketing or otherwise encouraging the arrangement may be assessable income in Australia under section 6-5 of the Income Tax Assessment Act 1997 (ITAA 1997); 19. any entity involved in the arrangement may be a promoter of a tax exploitation scheme for the purposes of Division 290 of Schedule 1 to the Taxation Administration Act 1953 .