A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 295 - Taxation of superannuation entities    View history reference

Subdivision 295-B - Modifications of provisions of this Act    View history reference

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

 View history reference

295-85(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.

295-85(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);


(aa) section 230-15 (about financial arrangements);
 View history reference


(b) sections 25A and 52 of the Income Tax Assessment Act 1936 (about profit-making undertakings or schemes).

Exceptions

295-85(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).

295-85(4)  

 View history reference
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
ItemProvisionBrief description
1Paragraph 104-15(4)(a)Title in a CGT asset does not pass when a hire purchase or similar agreement ends
2Section 118-5Cars, motor cycles and valour decorations
3Section 118-10Collectables and personal use assets
4Section 118-13Shares in a PDF
5Section 118-25Trading stock
6Section 118-30Film copyright
7Section 118-35R&D
8Section 118-55Foreign currency hedging gains and losses
9Section 118-60Certain gifts
10Section 118-300Insurance policies
11Section 118-305Superannuation
12Section 118-310CGT event happens to right to, or part of, RSA

Note:

For item 5, certain assets (particularly shares, units in a unit trust, and land) are not trading stock when owned by the entity (see paragraph 70-10(2)(b)).


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
Top of page
More information on page