Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 296 - Better targeted superannuation concessions  

Subdivision 296-C - Deferred notional gains  

SECTION 296-65   Deferred notional gains to be disregarded  

296-65(1)    
For the purposes of working out an entity ' s Division 296 fund earnings for an income year under subsection 296-60(1) of the Income Tax Assessment Act 1997 , disregard any capital gain that, for the purposes of Division 102 of that Act, the entity is treated as having made because of subsection 294-120(5) of this Act.

Note:

Subsection 294-120(5) deals with deferred notional gains for complying superannuation funds.

296-65(2)    
For the purposes of working out a pooled superannuation trust ' s Division 296 fund earnings for an income year under subsection 296-60(4) of the Income Tax Assessment Act 1997 , disregard any capital gain that, for the purposes of Division 102 of that Act, the trust is treated as having made because of subsection 294-130(5) of this Act.

Note:

Subsection 294-130(5) deals with deferred notional gains for pooled superannuation trusts.