Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p26
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 26/64)
Character Range: 464020–466575

assets
295‑C Notices relating to contributions
295‑F Exempt income
295‑G Deductions
295‑I No‑TFN contributions income

Subdivision 295‑B—Modifications of the Income Tax Assessment Act 1997 for 30 June 1988 assets

Table of sections
295‑75 Application of Subdivision
295‑80 Meaning of 30 June 1988 asset
295‑85 Cost base of 30 June 1988 asset
295‑90 Market value of stock exchange listed assets
295‑95 Adjustment of cost base as at 30 June 1988—return of capital
295‑100 Exercise of rights

295‑75  Application of Subdivision
  This Subdivision applies to an entity that is the trustee of a complying superannuation fund, a complying approved deposit fund or a pooled superannuation trust.

295‑80  Meaning of 30 June 1988 asset
  For the purposes of this Subdivision, an asset is a 30 June 1988 asset of a complying superannuation fund, a complying approved deposit fund or a pooled superannuation trust if the entity owned it at the end of 30 June 1988.
Note: Section 295‑90 of the Income Tax Assessment Act 1997 treats these assets as having been acquired on 30 June 1988.

295‑85  Cost base of 30 June 1988 asset
 (1) The first element of the cost base of each 30 June 1988 asset of the entity's is the greater of the asset's market value (at the end of 30 June 1988) and its cost base (on that day).
 (2) The first element of the reduced cost base of each 30 June 1988 asset of the entity's is the lesser of the asset's market value (at the end of 30 June 1988) and its cost base (on that day).

295‑90  Market value of stock exchange listed assets
 (1) If:
 (a) a 30 June 1988 asset of the entity's was listed on an Australian stock exchange on 30 June 1988; and
 (b) on that day, identical assets were:
 (i) computer traded on a national market; or
 (ii) traded on a State capital city market;
the market value of the asset as at the end of 30 June 1988 is the average of the highest and lowest trade prices for identical assets recorded on 30 June 1988 in whichever of the following markets is applicable:
 (c) if, on that date, identical assets were computer traded on a national market—that national market;
 (d) if, on that date, there was a State capital city market (other than the Sydney market) that recorded a higher volume of trading than the Sydney market in identical assets—that State capital city market;
 (e) in any other case—the Sydney market.
 (2) For the purposes of this section, an asset is taken to have been listed on an Australian stock exchange on 30 June 1988 if, and only if, on that day the asset had the status of having