Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS

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Division 118 - Exemptions

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Subdivision 118-D - Insurance and superannuation

SECTION 118-313

118-313 Superannuation agreements under the Family Law Act

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A *capital gain or *capital loss you make from *CGT event C2 or D1 relating directly to any of the following is disregarded:

(a)

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the making of a superannuation agreement (within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975 );

(b) the termination, or setting aside, of such an agreement;

(c) such an agreement otherwise coming to an end.

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History

S 118-313 amended by No 112 of 2020, s 3 and Sch 3 item 39, by inserting " or VIIIC " in para (a), effective 28 September 2022. No 112 of 2020, s 3 and Sch 4 item 6 contains the following transitional provision:

…

Part 5 - Transitional rules
6 Transitional rules
(1)
The Minister may, by legislative instrument, make rules prescribing matters of a transitional nature (including prescribing any saving or application provisions) relating to the amendments or repeals made by this Act.

(2)
Without limiting subitem (1), rules made under this item before the end of the period of 12 months starting on the day this Schedule commences may provide that provisions of this Act, or any other Act or instrument, have effect with any modifications prescribed by the rules. Those provisions then have effect as if they were so modified.

(3)
Subsection 12(2) (retrospective application of legislative instruments) of the Legislation Act 2003 does not apply in relation to rules made under this item before the end of the period of 12 months starting on the day this Schedule commences.

(4)
To avoid doubt, the rules may not do the following:

(a) create an offence or civil penalty;

(b) provide powers of:

(i) arrest or detention; or

(ii) entry, search or seizure;

(c) impose a tax;

(d) set an amount to be appropriated from the Consolidated Revenue Fund under an appropriation in this Act;

(e) directly amend the text of this Act.

(5)
This Schedule (other than subitem (4)) does not limit the rules that may be made under this item.

S 118-313 (renumbered from s 118-315 by No 41 of 2005) inserted by No 114 of 2001.

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