Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:2_2:p7
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 2 cl 2 (pt 7/14)
Character Range: 733712–736350

applied just before the start of the 1998‑99 income year must keep the records referred to in that subsection, and retain them until the end of 30 June 2002.

 (2) A superannuation fund to which subsection 160ZZU(6B) of the Income Tax Assessment Act 1936 applied just before the start of the 1998‑99 income year in relation to a CGT asset must keep the records referred to in that subsection for the asset, and retain them until the end of 5 years after CGT event A1, B1, C1, C2, G1 or G3 happens in relation to the asset.

Note: The full list of CGT events is in section 104‑5 of the Income Tax Assessment Act 1997.

Maximum penalty: 30 penalty units.

 (3) Subsection (1) or (2) does not require a fund to retain records if the Commissioner notifies the fund that the retention of the records is not required.

[The next Part is Part 3‑3.]

Part 3‑3—Capital gains and losses: special topics

Division 126—Same asset roll‑overs

126‑100  Merger of qualifying superannuation funds

 (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 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.

Division 128—Effect of death

128‑15  Effect on the legal personal representative or beneficiary

  The rule in item 3 in the table in subsection 128‑15(4) of the Income Tax Assessment Act 1997 (about a dwelling that was your main residence just before you died and was not being used for the purpose of producing assessable income) does not apply to a dwelling that devolved to your legal personal representative, or passed to a beneficiary in your estate, on or before 7.30 pm, by legal time in the Australian Capital Territory, on 20 August 1996.

Division 130—Investments

Table of Subdivisions

130‑A Bonus shares and units

130‑B Rights

130‑C Convertible notes

130‑D Employee share schemes

Subdivision 130‑A—Bonus shares and units

130‑20  Issue of bonus shares or