INCOME TAX ASSESSMENT ACT 1997
|CHAPTER 3 - SPECIALIST LIABILITY RULES
|PART 3-30 - SUPERANNUATION
Part 3-30 inserted by No 9 of 2007, s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.
Div 295 inserted by No 9 of 2007, s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.
Subdiv 295-B inserted by No 9 of 2007, s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.
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);
(b) sections 25A and 52 of the Income Tax Assessment Act 1936 (about profit-making undertakings or schemes).
S 295-85(2) amended by No 15 of 2009, s 3 and Sch 1 item 80, by inserting para (aa), effective 26 March 2009. For application and transitional provisions see note under Div 230 heading.
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).
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|
|1||Paragraph 104-15(4)(a)||Title in a CGT asset does not pass when a hire purchase or similar agreement ends|
|2||Section 118-5||Cars, motor cycles and valour decorations|
|3||Section 118-10||Collectables and personal use assets|
|4||Section 118-13||Shares in a PDF|
|5||Section 118-25||Trading stock|
|6||Section 118-30||Film copyright|
|8||Section 118-55||Foreign currency hedging gains and losses|
|9||Section 118-60||Certain gifts|
|10||Subsection 118-300(1), for general insurance policies covered by table item 2 in that subsection||General insurance policies for property|
|12||Section 118-310||CGT 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)).
S 295-85(4) amended by No 21 of 2015, s 3 and Sch 3 item 7, by substituting table item 10, applicable in relation to CGT events happening in the 2005-06 income year and later income years. Table item 10 formerly read:
|10||Section 118-300||Insurance policies|
S 295-85(4) amended by No 71 of 2012, s 3 and Sch 2 item 5, by inserting the note at the end, applicable in relation to CGT assets owned after 7.30 pm, by legal time in the Australian Capital Territory, on 10 May 2011 (the budget time). However, the amendments do not apply in relation to a CGT asset owned by an entity after the budget time if, just before the budget time, the entity owned and held the CGT asset as trading stock.
S 295-85(4) amended by No 93 of 2011, s 3 and Sch 3 item 98, by substituting "R&D" for "Research and development" in table item 7, effective 8 September 2011. For application, savings and transitional provisions see note under Div 355 heading.
S 295-85 inserted by No 9 of 2007, s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.