Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 295 - Taxation of superannuation entities  

Subdivision 295-B - Modifications of provisions of this Act  

SECTION 295-90   CGT rules for pre-30 June 1988 assets  

295-90(1)  
This section applies to the trustee of:


(a) a *complying superannuation fund; or


(b) a *complying approved deposit fund; or


(c) a *pooled superannuation trust.

295-90(2)  
Parts 3-1 and 3-3 (about capital gains and losses) apply to a *CGT asset that:


(a) the trustee or a former trustee owned at the end of 30 June 1988; and


(b) the trustee owned at the commencement of this section;

as if the trustee had *acquired the asset on 30 June 1988.

295-90(3)  
Subsection (2) does not affect how to work out the asset's *cost base or *reduced cost base.

Note:

See Subdivision 295-B of the Income Tax (Transitional Provisions) Act 1997 for rules about cost base.

295-90(4)  
Subsection 104-30(5) applies to an option granted by the trustee as if the reference in that subsection to 20 September 1985 were a reference to 1 July 1988.


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