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.