SECTION 297B EXEMPTION OF INCOME ATTRIBUTABLE TO CURRENT PENSION LIABILITIES OF COMPLYING SUPERANNUATION FUNDS
Subject to subsection (3), for each amount that, apart from this section, would be normal assessable income of a PST of a year of income, the proportion (if any) calculated under subsection (2) is exempt from tax.
297B(2) [Calculation of proportion]
The proportion is calculated using the formula:
|Average exempt units|
Average total units
Average exempt units means the average number, during the year of income, of units in the PST that are segregated current pension assets of unitholders that are complying superannuation funds;
Average total units means the average number, during the year of income, of all of the units in the PST.
297B(3) [Election by PST]
(a) a PST elects in its return of income of a year of income that this subsection, rather than subsection (1), should apply in relation to the PST in relation to the year of income;
(b) the PST provides any information required by the Commissioner for the purposes of this subsection; and
(c) the Commissioner is satisfied that a percentage of an amount of assessable income of the PST of the year of income would, if the amount had been derived instead by the unitholders in the PST in proportion to their unitholdings, have been exempt from tax under section 282B or 283;
the following provisions have effect:
(d) that percentage of the amount of assessable income of the PST is exempt from tax;
(e) subsection (1) does not apply in relation to the PST in relation to the year of income.