Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 296 - Better targeted superannuation concessions  

Subdivision 296-B - CGT adjustments  

SECTION 296-60   CGT adjustment for complying superannuation funds (other than small superannuation funds) and pooled superannuation trusts  

296-60(1)    
This section applies for the purposes of working out the Division 296 fund earnings for an income year (the relevant year ) under the Income Tax Assessment Act 1997 for a complying superannuation fund or pooled superannuation trust, to the extent it affects a person ' s relevant superannuation earnings for a superannuation interest for:

(a)    the 2026-27 income year; or

(b)    the 2027-28 income year; or

(c)    the 2028-29 income year; or

(d)    the 2029-30 income year.

296-60(2)    
Any net capital gain for the relevant year, that the fund or trust has for the purposes of determining an amount used in working out the Division 296 fund earnings, is taken to be the amount of that gain, apart from this section, multiplied by a factor (which must be less than 1) prescribed by the regulations.

Note 1:

The net capital gain that a complying superannuation fund has for purposes of working out the earnings is affected by subsection 296-60(3) of the Income Tax Assessment Act 1997 (which disregards certain matters).

Note 2:

Deferred notional gains are disregarded for the purposes of working out Division 296 fund earnings: see Subdivision 296-C (about deferred notional gains) of this Act.

296-60(3)    
This section does not apply in relation to a complying superannuation fund that is a small superannuation fund.