Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 295 - Taxation of superannuation entities  

Subdivision 295-B - Modifications of the Income Tax Assessment Act 1997 for 30 June 1988 assets  

SECTION 295-85   Cost base of 30 June 1988 asset  

295-85(1)    
The first element of the cost base of each 30 June 1988 asset of the entity ' s is the greater of the asset ' s market value (at the end of 30 June 1988) and its cost base (on that day).

295-85(2)    
The first element of the reduced cost base of each 30 June 1988 asset of the entity ' s is the lesser of the asset ' s market value (at the end of 30 June 1988) and its cost base (on that day).