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Under the 5Jul23 conditions, what happens if an S13O/OA/U SFO fund’s AUM in DI falls below the minimum AUM in DI amount of S$20 million (for S13O/OA) or S$50 million (for S13U) subsequently?

Updated by MAS

The SFO fund cannot avail itself of the tax exemption for the basis period concerned when its AUM in DI falls below S$20 million (for an S13O/OA fund) or S$50 million (for an S13U fund) as at the end of the basis period. 

The SFO fund can, however, avail itself to the tax exemption in any subsequent basis period, if it has AUM in DI of at least S$20 million (for an S13O/OA fund) or S$50 million (for an S13U fund) as at the end of that basis period and satisfies all other relevant conditions of the scheme in that basis period. 

This information is sourced from MAS.

Topics:

Schemes for Single Family OfficesAssets Under Management in Designated Investments (AUM in DI)

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