Income Tax Assessment Act 1997
View history note
Hide history noteThis proportion of the *ordinary income and *statutory income that would otherwise be assessable income of a *pooled superannuation trust is *exempt income:
| Average number of units in the trust during the income year that are * segregated current pension assets of unitholders that are * complying superannuation funds | ||
| Average number of units in the trust during the income year |
Exceptions
295-400(2)
Subsection (1) does not apply to:
(a) *non-arm's length income; or
(b) amounts included in assessable income under item 1 of the table in section 295-320 .
Alternative exemption
295-400(3)
However, the trustee of the *pooled superannuation trust can choose that a different amount be *exempt income of the trust under this section if a percentage of the assessable income of the trust would have been exempt income under section 295-385 or 295-390 if it had been *derived instead by the unitholders in the trust in proportion to their holdings.
295-400(4)
That percentage of the trust's *ordinary income and *statutory income is then *exempt income.
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