Income Tax (Transitional Provisions) Act 1997
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294-115(1)
This section applies in relation to a CGT asset of a fund if:
(a) the fund is a complying superannuation fund throughout the pre-commencement period; and
(b) the proportion mentioned in subsection 295-390(3) of the Income Tax Assessment Act 1997 in respect of the fund for the 2016-17 income year is greater than nil; and
(c) the fund held the asset throughout the pre-commencement period; and
(d) throughout the pre-commencement period, the asset:
(i) was not a segregated current pension asset of the fund; and
(ii) was not a segregated non-current asset of the fund; and
(e) the trustee of the fund makes a choice for the purposes of this paragraph in respect of the asset in accordance with subsection (2).
294-115(2)
A choice made for the purposes of paragraph (1)(e):
(a) is to be in the approved form; and
(b) can only be made on or before the day by which the trustee of the fund is required to lodge the fund ' s income tax return for the 2016-17 income year; and
(c) cannot be revoked.
Deemed sale and purchase
294-115(3)
For the purposes of Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997 , the fund is taken:
(a) to have sold, immediately before 1 July 2017, the asset for a consideration equal to its market value; and
(b) to have purchased the asset again just after that sale for a consideration equal to its market value.
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