Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 294.110

  (1)   This section applies if:

  (a)   at the start of the pre - commencement period, a CGT asset of a fund is a segregated current pension asset of the fund; and

  (b)   either:

  (i)   at a time (the cessation time ) in the pre - commencement period, the asset ceases to be a segregated current pension asset of the fund; or

  (ii)   at the start of 1   July 2017 (also the cessation time ), the asset ceases to be a segregated current pension asset of the fund because it supports a superannuation income stream covered by subsection   307 - 80(3) of the Income Tax Assessment Act 1997 ; and

  (c)   the fund held the CGT asset throughout the pre - commencement period (disregarding subsection   (3)); and

  (d)   the fund is a complying superannuation fund throughout the period:

  (i)   starting at the start of the pre - commencement period; and

  (ii)   ending at the cessation time; 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).

  (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.

  (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 the cessation time, the asset for a consideration equal to its market value; and

  (b)   to have purchased the asset again at the cessation time for a consideration equal to its market value.