Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 295.325

Previously complying funds

    The amount of * ordinary income and * statutory income from previous years included in the assessable income of a fund in an income year under item   2 of the table in section   295 - 320 is:

Start formula Sum of the *market values of the fund's assets just before the start of the income year minus Sum of the part of the *crystallised undeducted contributions that relates to the period after 30 June 1983 and the *contributions segment for current members at that time so far as they have not been, and cannot be, deducted end formula

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