INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 295 - Taxation of superannuation entities  

Subdivision 295-F - Exempt income  

SECTION 295-400   Income of a PST attributable to current pension liabilities  

295-400(1)  
This proportion of the *ordinary income and *statutory income that would otherwise be assessable income of a *pooled superannuation trust is *exempt income:


Average number of units in the trust during the income year that are * segregated current pension assets of unitholders that are * complying superannuation funds
Average number of units in the trust during the income year

Exceptions

295-400(2)  
Subsection (1) does not apply to:


(a) *non-arm's length income; or


(b) amounts included in assessable income under item 1 of the table in section 295-320 . Alternative exemption

295-400(3)  
However, the trustee of the *pooled superannuation trust can choose that a different amount be *exempt income of the trust under this section if a percentage of the assessable income of the trust would have been exempt income under section 295-385 or 295-390 if it had been *derived instead by the unitholders in the trust in proportion to their holdings.

295-400(4)  
That percentage of the trust's *ordinary income and *statutory income is then *exempt income.


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