Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p38
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 91875–94564

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.".
  22. After section 288:
Insert in Division 4 of Part IX:
Liability to taxation of non-complying fund that was previously
a complying fund
  "288A. (1) If a superannuation fund that is a non-complying
superannuation fund in relation to the year of income (the
'current year of income') was a complying 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 of income is taken to be the amount worked out using the
formula:
          Asset values  less  Undeducted contributions
where:
  'Asset values' means the sum of the market values of the
fund's assets immediately before the start of the current year
of income;
  'Undeducted contributions' means the amount in the fund
immediately before the start of the current year of income that
represented the total undeducted contributions (as defined in
section 27A) made by current members of the fund.".
  23. Application
The amendments made by this Division apply in relation to a
fund for the 1995-96 year of income of the fund and for each
later year of income.
Division 4 - Resident superannuation funds that were previously
            non-resident superannuation funds
  24. Object
The object of this Division is to provide for a resident
superannuation fund that was previously a non-resident
superannuation fund to be liable for tax on the value of its
assets less any members contributions in the fund.
  25. Before subsection 6AB(2):
Insert:
  "(1B) A reference in this Act to foreign income includes a
reference to net previous income referred to in subsection
288B(2).".
  26. Before subsection 160AF(2):
Insert:
  "(1C) References in subsection (1) 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