A tariff imposed on Australian residents by their government on asset value gains from offshore holdings. The FIF tax was implemented in 1992 to prevent citizens from deferring the payment of Australian tax on investments made outside of the country. Investments that can fall within the definition of FIF funds include personal retirement funds, such as American IRAs and Canadian RRSPs, as well as life insurance wrappers, which are often sold by overseas advisors.

The FIF tax is as controversial as it is complicated, with a variety of exceptions and loopholes. In its 2009 Federal Budget, the Australian government attempted to address these problems by announcing its intent to repeal and replace the foreign investment fund (FIF) provisions with a more specific rule.