Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

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History

Pt 3-1 inserted by No 46 of 1998.

Division 121 - Record keeping  

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Div 121 inserted by No 46 of 1998.

SECTION 121-25   Records for mergers between qualifying superannuation funds  

121-25(1)    

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A superannuation fund to which former subsection 160ZZU(6A) of the Income Tax Assessment Act 1936 applied just before the start of the 1998-99 income year must keep the records referred to in that subsection, and retain them until the end of 30 June 2002.

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S 121-25(1) amended by No 101 of 2006 , s 3 and Sch 2 item 846, by amending the reference to a repealed inoperative provision, effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive .

121-25(2)    

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A superannuation fund to which former subsection 160ZZU(6B) of the Income Tax Assessment Act 1936 applied just before the start of the 1998-99 income year in relation to a CGT asset must keep the records referred to in that subsection for the asset, and retain them until the end of 5 years after CGT event A1, B1, C1, C2, G1 or G3 happens in relation to the asset.

Note:

The full list of CGT events is in section 104-5 of the Income Tax Assessment Act 1997 .

Penalty: 30 penalty units.

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S 121-25(2) amended by No 61 of 2016, s 3 and Sch 1 item 50, by substituting " Penalty " for " Maximum penalty " in the penalty, effective 21 October 2016.

S 121-25(2) amended by No 101 of 2006 , s 3 and Sch 2 item 846, by amending the reference to a repealed inoperative provision, effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive .

121-25(3)    
Subsection (1) or (2) does not require a fund to retain records if the Commissioner notifies the fund that the retention of the records is not required.

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S 121-25 inserted by No 46 of 1998.

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