Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:1_5
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 1 cl 5
Character Range: 82108–84120

5                        *Pooled superannuation trust          PST

Subdivision 295‑B—Modifications of provisions of this Act

Table of sections

295‑85 CGT to be primary code for calculating gains or losses
295‑90 CGT rules for pre‑30 June 1988 assets
295‑95 Deductions related to contributions
295‑100 Deductions for investing in PSTs and life policies
295‑105 Distributions to PST unitholders

295‑85  CGT to be primary code for calculating gains or losses

 (1) The modifications in subsection (2) apply if a *CGT event happens involving a *CGT asset that was owned by one of these entities just before the time of the event:
 (a) a *complying superannuation fund;
 (b) a *complying approved deposit fund;
 (c) a *pooled superannuation trust.

 (2) These provisions do not apply to the *CGT event:
 (a) sections 6‑5 (about *ordinary income), 8‑1 (about amounts you can deduct), and 15‑15 and 25‑40 (about profit‑making undertakings or plans);
 (b) sections 25A and 52 of the Income Tax Assessment Act 1936 (about profit‑making undertakings or schemes).

Exceptions

 (3) The provisions referred to in subsection (2) can apply to the *CGT event if:
 (a) any *capital gain or *capital loss from the event is attributable to currency exchange rate fluctuations; or
 (b) the *CGT asset is one of these:
 (i) debenture stock, a bond, *debenture, certificate of entitlement, bill of exchange, promissory note or other security;
 (ii) a deposit with a bank, building society or other financial institution;
 (iii) a loan (secured or not);
 (iv) some other contract under which an entity is liable to pay an amount (whether the liability is secured or not).

 (4) The provisions referred to in subsection (2) can also apply to the *CGT event if a *capital gain or *capital loss from the event is disregarded because of one of the provisions in this table:

Where gain or loss disregarded because of CGT provision
Item                                                     Provision               Brief description