(1) This section applies if:
(a) at the start of the pre-commencement period, a CGT asset of a fund is a segregated current pension asset of the fund; and
(i) at a time (the cessation time ) in the pre-commencement period, the asset ceases to be a segregated current pension asset of the fund; or
(ii) at the start of 1 July 2017 (also the cessation time ), the asset ceases to be a segregated current pension asset of the fund because it supports a superannuation income stream covered by subsection 307-80(3) of the Income Tax Assessment Act 1997 ; and
(c) the fund held the CGT asset throughout the pre-commencement period (disregarding subsection (3)); and
(d) the fund is a complying superannuation fund throughout the period:
(i) starting at the start of the pre-commencement period; and
(ii) ending at the cessation time; and
(e) the trustee of the fund makes a choice for the purposes of this paragraph in respect of the asset in accordance with subsection (2).
(2) A choice made for the purposes of paragraph (1)(e):
(a) is to be in the approved form; and
(b) 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
(c) cannot be revoked.
(3) For the purposes of Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997 , the fund is taken:
(a) to have sold, immediately before the cessation time, the asset for a consideration equal to its market value; and
(b) to have purchased the asset again at the cessation time for a consideration equal to its market value.