Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

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History

Part 3-30 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.

Division 295 - Taxation of superannuation entities  

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Div 295 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.

Subdivision 295-B - Modifications of provisions of this Act  

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Subdiv 295-B inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.

SECTION 295-90   CGT rules for pre-30 June 1988 assets  

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295-90(1)    
This section applies to the trustee of a *complying superannuation entity.

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S 295-90(1) substituted by No 64 of 2020, s 3 and Sch 3 item 97, effective 1 July 2020. S 295-90(1) formerly read:

295-90(1)
This section applies to the trustee of:

(a) a *complying superannuation fund; or

(b) a *complying approved deposit fund; or

(c) a *pooled superannuation trust.

295-90(2)    
Parts 3-1 and 3-3 (about capital gains and losses) apply to a *CGT asset that:

(a) the trustee or a former trustee owned at the end of 30 June 1988; and

(b) the trustee owned at the commencement of this section;

as if the trustee had *acquired the asset on 30 June 1988.

295-90(3)    
Subsection (2) does not affect how to work out the asset's *cost base or *reduced cost base.

Note:

See Subdivision 295-B of the Income Tax (Transitional Provisions) Act 1997 for rules about cost base.

295-90(4)    
Subsection 104-30(5) applies to an option granted by the trustee as if the reference in that subsection to 20 September 1985 were a reference to 1 July 1988.

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History

S 295-90 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.

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