Income Tax (Transitional Provisions) Act 1997

This section applies in relation to a CGT asset of a fund if:

the fund is a complying superannuation fund throughout the pre‑commencement period; and

the proportion mentioned in subsection 295‑390(3) of the Income Tax Assessment Act 1997 in respect of the fund for the 2016‑17 income year is greater than nil; and

the fund held the asset throughout the pre‑commencement period; and

throughout the pre‑commencement period, the asset:

was not a segregated current pension asset of the fund; and

was not a segregated non‑current asset of the fund; and

the trustee of the fund makes a choice for the purposes of this paragraph in respect of the asset in accordance with subsection (2).

A choice made for the purposes of paragraph (1)(e):

is to be in the approved form; and

can only be made on or before the day by which the trustee of the fund is required to lodge the fund’s income tax return for the 2016‑17 income year; and

cannot be revoked.

For the purposes of Parts 3‑1 and 3‑3 of the Income Tax Assessment Act 1997, the fund is taken:

to have sold, immediately before 1 July 2017, the asset for a consideration equal to its market value; and

to have purchased the asset again just after that sale for a consideration equal to its market value.