Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The assessable income of a fund that is an * Australian superannuation fund for the income year includes an amount transferred to the fund from a fund that was a * foreign superannuation fund for the income year in relation to a member of the foreign fund to the extent that the amount transferred exceeds amounts vested in the member at the time of the transfer.
(2) The assessable income of a fund that is a * complying superannuation fund for the income year includes so much of an amount transferred to the fund from a fund that was a * foreign superannuation fund for the income year as is specified in a choice made by a former member of the foreign fund under section 305 - 80.
(3) The amount is included in the income year in which the transfer happens.
(4) This section also applies to an amount transferred from a scheme for the payment of benefits in the nature of superannuation upon retirement or death that:
(a) is not, and never has been, an * Australian superannuation fund or a * foreign superannuation fund; and
(b) was not established in Australia; and
(c) is not centrally managed or controlled in Australia.