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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 294.110

Segregated current pension assets

             (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

                     (b)  either:

                              (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.



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