Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 295 - Taxation of superannuation entities  

Subdivision 295-B - Modifications of the Income Tax Assessment Act 1997 for 30 June 1988 assets  

SECTION 295-90   Market value of stock exchange listed assets  

295-90(1)    
If:

(a) a 30 June 1988 asset of the entity ' s was listed on an Australian stock exchange on 30 June 1988; and

(b) on that day, identical assets were:

(i) computer traded on a national market; or

(ii) traded on a State capital city market;

the market value of the asset as at the end of 30 June 1988 is the average of the highest and lowest trade prices for identical assets recorded on 30 June 1988 in whichever of the following markets is applicable:

(c) if, on that date, identical assets were computer traded on a national market - that national market;

(d) if, on that date, there was a State capital city market (other than the Sydney market) that recorded a higher volume of trading than the Sydney market in identical assets - that State capital city market;

(e) in any other case - the Sydney market.

295-90(2)    
For the purposes of this section, an asset is taken to have been listed on an Australian stock exchange on 30 June 1988 if, and only if, on that day the asset had the status of having been granted official quotation by a securities exchange within the meaning of the former Securities Industry Act 1980 or the law of a State or Territory corresponding to that former Act.