Income Tax (Transitional Provisions) Act 1997
This section applies in relation to a CGT asset of a trust if:
(a) the trust is a pooled superannuation trust throughout the pre-commencement period; and
(b) either of the following is greater than nil:
(i) the proportion mentioned in subsection 295-400(1) of the Income Tax Assessment Act 1997 in respect of the trust for the 2016-17 income year;
(ii) if the trustee has made a choice under subsection 295-400(3) of that Act - the percentage mentioned in subsection 295-400(4) of that Act in respect of the trust for the 2016-17 income year; and
(c) the trust held the asset throughout the pre-commencement period; and
(d) the trustee of the trust makes a choice for the purposes of this paragraph in respect of the asset in accordance with subsection (2). 294-125(2)
A choice made for the purposes of paragraph (1)(d):
(a) is to be in the approved form; and
(b) can only be made on or before the day by which the trustee of the trust is required to lodge the trust ' s income tax return for the 2016-17 income year; and
(c) cannot be revoked. Deemed sale and purchase 294-125(3)
For the purposes of Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997 , the trust is taken:
(a) to have sold, immediately before 1 July 2017, the asset for a consideration equal to its market value; and
(b) to have purchased the asset again just after that sale for a consideration equal to its market value.
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