Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 294.125

Application

  (1)   This section applies in relation to a CGT asset of a trust if:

  (a)   the trust is a pooled superannuation trust throughout the pre - commencement period; and

  (b)   either of the following is greater than nil:

  (i)   the proportion mentioned in subsection   295 - 400(1) of the Income Tax Assessment Act 1997 in respect of the trust for the 2016 - 17 income year;

  (ii)   if the trustee has made a choice under subsection   295 - 400(3) of that Act--the percentage mentioned in subsection   295 - 400(4) of that Act in respect of the trust for the 2016 - 17 income year; and

  (c)   the trust held the asset throughout the pre - commencement period; and

  (d)   the trustee of the trust 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)(d):

  (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 trust is required to lodge the trust's income tax return for the 2016 - 17 income year; and

  (c)   cannot be revoked.

Deemed sale and purchase

  (3)   For the purposes of Parts   3 - 1 and 3 - 3 of the Income Tax Assessment Act 1997 , the trust 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.