Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 121.25

  (1)   A superannuation fund to which former subsection   160ZZU(6A) of the Income Tax Assessment Act 1936 applied just before the start of the 1998 - 99 income year must keep the records referred to in that subsection, and retain them until the end of 30   June 2002.

  (2)   A superannuation fund to which former subsection   160ZZU(6B) of the Income Tax Assessment Act 1936 applied just before the start of the 1998 - 99 income year in relation to a CGT asset must keep the records referred to in that subsection for the asset, and retain them until the end of 5 years after CGT event A1, B1, C1, C2, G1 or G3 happens in relation to the asset.

Note:   The full list of CGT events is in section   104 - 5 of the Income Tax Assessment Act 1997 .

Penalty:   30 penalty units.

  (3)   Subsection   (1) or (2) does not require a fund to retain records if the Commissioner notifies the fund that the retention of the records is not required.

Table of Subdivisions

124 - C   Statutory licences

124 - I   Change of incorporation

Table of sections

124 - 140   New statutory licence--ASGE licence etc.

124 - 141   ASGE licence etc.--cost base of ineligible part

124 - 142   ASGE licence etc.--cost base of aquifer access licence etc.