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

Income Tax Assessment Act 1997



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


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.


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).



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).


 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
10Subsection 118-300(1), for general insurance policies covered by table item 2 in that subsectionGeneral insurance policies for property
11Section 118-305Superannuation
12Section 118-310CGT event happens to right to, or part of, RSA


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