(1) This section applies in relation to a CGT asset of a fund if:
(a) the fund is a complying superannuation fund throughout the pre - commencement period; and
(b) the proportion mentioned in subsection 295 - 390(3) of the Income Tax Assessment Act 1997 in respect of the fund for the 2016 - 17 income year is greater than nil; and
(c) the fund held the asset throughout the pre - commencement period; and
(d) throughout the pre - commencement period, the asset:
(i) was not a segregated current pension asset of the fund; and
(ii) was not a segregated non - current asset of the fund; 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
(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 1 July 2017, the asset for a consideration equal to its market value; and
(b) to have purchased the asset again just after that sale for a
consideration equal to its market value.