(1) This section applies to a CGT asset of a superannuation fund (the transferee ) if:
(a) the transferee acquired the asset from another superannuation fund in circumstances to which former section 160ZZPI of the Income Tax Assessment Act 1936 applied; and
(b) the transferee owned the asset just before the start of the 1998-99 income year; and
(c) CGT event A1, B1, C1, C2, G1 or G3 happens in relation to the asset in that income year or a later one.
Note: The full list of CGT events is in section 104-5 of the Income Tax Assessment Act 1997.
(2) The first element of the cost base of the asset in the hands of the transferee (at the time the transferee acquired the asset) is the asset's cost base (in the hands of the other fund) at that time.
(3) The reduced cost base of the asset in the hands of the transferee is worked out similarly.
Table of sections
126-150 Roll-over on transfer of life insurance business
126-160 Effects of roll-over
126-165 References to Subdivision 126-B of the Income Tax Assessment Act 1997