Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:1_12:p1
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 1 cl 12 (pt 1/3)
Character Range: 85332–88150

12                                                       Section 118‑310         CGT event happens to right to, or part of, RSA

295‑90  CGT rules for pre‑30 June 1988 assets

 (1) This section applies to the trustee of:
 (a) a *complying superannuation fund; or
 (b) a *complying approved deposit fund; or
 (c) a *pooled superannuation trust.

 (2) Parts 3‑1 and 3‑3 (about capital gains and losses) apply to a *CGT asset that:
 (a) the trustee or a former trustee owned at the end of 30 June 1988; and
 (b) the trustee owned at the commencement of this section;
as if the trustee had *acquired the asset on 30 June 1988.

 (3) Subsection (2) does not affect how to work out the asset's *cost base or *reduced cost base.

Note: See Subdivision 295‑B of the Income Tax (Transitional Provisions) Act 1997 for rules about cost base.

 (4) Subsection 104‑30(5) applies to an option granted by the trustee as if the reference in that subsection to 20 September 1985 were a reference to 1 July 1988.

295‑95  Deductions related to contributions

 (1) Provisions of this Act about deducting amounts apply to these entities as if all contributions made to them were included in their assessable income:
 (a) *complying superannuation funds;
 (b) *non‑complying superannuation funds that are *Australian superannuation funds;
 (c) *complying approved deposit funds;
 (d) *non‑complying approved deposit funds;
 (e) *RSA providers.

Note 1: This means that the entities can deduct amounts incurred in obtaining the contributions.

Note 2: Examples of contributions that are not assessable are:
                  *   contributions which the contributor cannot deduct;
                  *   contributions excluded from assessable income under Subdivision 295‑D.

 (2) A *superannuation fund is an Australian superannuation fund at a time, and for the income year in which that time occurs, if:
 (a) the fund was established in Australia, or any asset of the fund is situated in Australia at that time; and
 (b) at that time, the central management and control of the fund is ordinarily in Australia; and
 (c) at that time either the fund had no member covered by subsection (3) (an active member) or at least 50% of:
 (i) the total *market value of the fund's assets attributable to *superannuation interests held by active members; or
 (ii) the sum of the amounts that would be payable to or in respect of active members if they voluntarily ceased to be members;
  is attributable to superannuation interests held by active members who are Australian residents.

 (3) A member is covered by this subsection at a time if the member is:
 (a) a contributor to the fund at that time; or
 (b) an individual on whose behalf contributions have been made, other than an individual:
 (i) who is a foreign resident; and
 (ii) who is not