INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 295 - Taxation of superannuation entities  

Subdivision 295-B - Modifications of the Income Tax Assessment Act 1997 for 30 June 1988 assets  

SECTION 295-85   Cost base of 30 June 1988 asset  

295-85(1)  
The first element of the cost base of each 30 June 1988 asset of the entity ' s is the greater of the asset ' s market value (at the end of 30 June 1988) and its cost base (on that day).

295-85(2)  
The first element of the reduced cost base of each 30 June 1988 asset of the entity ' s is the lesser of the asset ' s market value (at the end of 30 June 1988) and its cost base (on that day).


 

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