Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p39
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 94324–96953

to a taxpayer include
references to the trustee of a resident superannuation fund
referred to in subsection 288B(2).
  "(1D) If:
  (a) the assessable income of a year of income (the 'current
year of income') of a superannuation fund that is a resident
superannuation fund in relation to the current year of income
includes the fund's net previous income in respect of previous
years of income (as defined by subsection 288B(2)); and
  (b) the trustee of the fund has paid foreign tax in respect
of that net previous income;
the trustee is not entitled to a credit of any part of the
foreign tax that was paid before the beginning of the current
year of income.".
  27. Before subsection 160ZA(5):
Insert:
  "(4B) If:
  (a) apart from this subsection a capital gain (the 'notional
capital gain') would be taken for the purposes of this Part to
have accrued during the year of income to a taxpayer that is
the trustee of a superannuation fund in respect of the disposal
of an asset; and
  (b) the market value of the asset was taken into account in
determining the fund's net previous income in respect of
previous years of income under section 288B;
the following paragraphs have effect:
  (c) if the notional capital gain exceeds the amount that,
apart from this subsection, would have been taken for the
purposes of this Part to have accrued during the year of income
to the taxpayer in respect of the disposal of the asset if the
consideration in respect of the disposal had been equal to the
market value referred to in paragraph (b) - the amount of the
capital gain that is taken for the purposes of this Part to
have accrued to the taxpayer during the year of income in
respect of the disposal of the asset is an amount equal to the
excess;
  (d) in any other case - no capital gain is taken for the
purposes of this Part to have accrued to the taxpayer during a
year of income in respect of the disposal of the asset.".
  28. Before Division 5 of Part IX:
Insert:
"Division 4A - Resident superannuation fund that was previously
             a non-resident superannuation fund
   Liability to taxation of resident fund that was previously a
                      non-resident fund
  "288B. (1) If a superannuation fund that is a resident
superannuation fund in relation to the year of income (the
'current year of income') was a non-resident superannuation
fund in relation to the immediately preceding year of income,
the fund's assessable income of the current year of income
includes the fund's net previous income in respect of previous
years of income.
  "(2) The fund's net previous income in respect of previous
years