Section EX 29 — Income Tax Act 2007: 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: foreign superannuation scheme entitlement (3) The second category is rights to benefit from a foreign superannuation scheme, 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 , foreign company , foreign superannuation scheme , 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).