Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) For the purposes of this Act, a fund is a widely - held complying superannuation fund if:
(a) it has 5 or more members; and
(b) it satisfies the test in either subsection (2) or (3).
Resident funds
(2) A fund satisfies the test in this subsection at a particular time during a year of income of the fund (within the meaning of the Income Tax Assessment Act 1936 ) if it is a complying superannuation fund for the purposes of the Income Tax Assessment Act 1997 in relation to the year of income.
Non - resident funds
(3) A fund satisfies the test in this subsection if:
(a) it is a superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993 ); and
(b) it is a foreign superannuation fund (within the meaning of the Income Tax Assessment Act 1997 ); and
(c) it is established for the sole or principal purpose of providing retirement benefits for its members; and
(d) it complies with the applicable laws of a foreign country that regulate funds established for that purpose.