20AResident approved deposit funds

#### 20A Resident approved deposit funds Resident approved deposit funds (1) For the purposes of this Act, an approved deposit fund is a resident approved deposit fund at a particular time if, and only if: (a) either: (i) the fund was established in Australia; or (ii) at that time, any asset of the fund is situated in Australia; and (b) at that time, the central management and control of the fund is in Australia; and (c) at that time, the percentage worked out using the following formula is not less than 50%:  where: Accumulated entitlements of resident members means the sum of so much of the value of the assets of the fund at that time as is attributable to: (i) deposits made to the fund before that time by or in respect of members of the fund who are residents at that time; and (ii) income or accretions arising from those deposits. Total assets of fund means the value of the assets of the fund at that time. Definitions (2) In this section: > Australia has the same meaning as in the Income Tax Assessment Act 1936. > member includes depositor. > resident has the same meaning as in the Income Tax Assessment Act 1936.