Attributing interests in FIFs

EX 29 Attributing interests in FIFs
Three categories

(1)

A person has an attributing interest in a FIF if—

(a)

the person holds rights in 1 of the categories of rights described in subsections (2) to (4); and

(b)

none of the exemptions in sections EX 31 to EX 43 applies to those rights.

Category 1: direct income interest in foreign company

(2)

The first category is a direct income interest, as defined in section EX 30, in a foreign company or in an entity described in schedule 25, part A (Foreign investment funds).

Category 2: FIF superannuation interest

(3)

The second category is a FIF superannuation interest, held as a beneficiary or a member.

Category 3: foreign life policy entitlement

(4)

The third category is rights to benefit from a life insurance policy in relation to which a FIF is the insurer.

Contingent rights

(5)

The second and third categories include rights that are contingent or discretionary.

Defined in this Act: attributing interest, direct income interest, FIF, FIF superannuation interest, foreign company, life insurance policy

Compare: 2004 No 35 s EX 30

Section EX 29(1)(b): amended (with effect on 1 April 2008), on 6 October 2009, by section 166 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Section EX 29(3) heading: replaced, on 1 April 2014, by section 53(1) of the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014 (2014 No 4).

Section EX 29(3): replaced, on 1 April 2014, by section 53(1) of the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014 (2014 No 4).

Section EX 29 list of defined terms FIF superannuation interest: inserted, on 1 April 2014, by section 53(2) of the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014 (2014 No 4).

Section EX 29 list of defined terms foreign superannuation scheme: repealed, on 1 April 2014, by section 53(2) of the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014 (2014 No 4).