Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This proportion of the * ordinary income and * statutory income that would otherwise be assessable income of a * pooled superannuation trust is * exempt income:
Exceptions
(2) Subsection (1) does not apply to:
(a) * non - arm's length income; or
(b) amounts included in assessable income under item 1 of the table in section 295 - 320.
(3) However, the trustee of the * pooled superannuation trust can choose that a different amount be * exempt income of the trust under this section if a percentage of the assessable income of the trust would have been exempt income under section 295 - 385 or 295 - 390 if it had been * derived instead by the unitholders in the trust in proportion to their holdings.
(4) That percentage of the trust's * ordinary income and *
statutory income is then * exempt income.