Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 295.90

  (1)   This section applies to the trustee of a * complying superannuation entity.

  (2)   Parts   3 - 1 and 3 - 3 (about capital gains and losses) apply to a * CGT asset that:

  (a)   the trustee or a former trustee owned at the end of 30   June 1988; and

  (b)   the trustee owned at the commencement of this section;

as if the trustee had * acquired the asset on 30   June 1988.

  (3)   Subsection   (2) does not affect how to work out the asset's * cost base or * reduced cost base.

Note:   See Subdivision   295 - B of the Income Tax (Transitional Provisions) Act 1997 for rules about cost base.

  (4)   Subsection   104 - 30(5) applies to an option granted by the trustee as if the reference in that subsection to 20   September 1985 were a reference to 1   July 1988.