Income Tax (Transitional Provisions) Act 1997

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

the trust is a pooled superannuation trust throughout the pre‑commencement period; and

either of the following is greater than nil:

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;

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

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

the trustee of the trust 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)(d):

is to be in the approved form; and

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

cannot be revoked.

For the purposes of Parts 3‑1 and 3‑3 of the Income Tax Assessment Act 1997, the trust 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.