Tax Laws Amendment (2008 Measures No. 4) Act 2008 (97 of 2008)

Schedule 3   Minor amendments

Part 1   General amendments

Income Tax Assessment Act 1997

110   Subsection 128-15(1) (note)

Repeal the note, substitute:

Note 1: Section 128-25 has different rules if the asset passes to a beneficiary in your estate who is the trustee of a complying superannuation entity.

Note 2: If the beneficiary is an exempt entity, Division 57 of Schedule 2D to the Income Tax Assessment Act 1936 has rules about exempt entities that become taxable. It sets out what the entity is taken to have purchased its assets for when it becomes taxable.

Note 3: If the beneficiary is a foreign resident, Subdivision 855-B sets out what happens if the beneficiary becomes an Australian resident. The beneficiary is taken to have acquired each asset owned just before becoming an Australian resident for the market value of the asset at that time.