Document ID: chunk:federal_register_of_legislation:F2024C01249:clause:10f_9
Version: federal_register_of_legislation:F2024C01249
Segment Type: clause
Provision Reference: sch 10F cl 9
Character Range: 2360917–2361849

9  Contents of section 7 (How sub‑funds of CCIVs are taxed)
 (1) Section 7 of the Product Disclosure Statement for the simple sub‑fund product must state, in the form of a warning, that:
 (a) investing in a simple sub‑fund product is likely to have tax consequences; and
 (b) persons are strongly advised to seek professional tax advice.
 (2) Section 7 must also include statements to the following effect:
 (a) CCIVs and sub‑funds do not pay tax on behalf of members;
 (b) members of the sub‑fund are assessed for tax on any income and capital gains generated by the sub‑fund.
 (3) The CCIV may provide additional information about:
 (a) taxation matters relating to the sub‑fund of the CCIV; or
 (b) taxation matters relating to sub‑funds of CCIVs;
by applying, adopting or incorporating a matter in writing.
Note: For taxation matters relating to sub‑funds of CCIVs, see Subdivision 195‑C of the Income Tax Assessment Act 1997.