Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 320.45

             (1)  If a * CGT event happens in respect of a * CGT asset that is a * complying superannuation/FHSA asset of a * life insurance company, section 295- 85 and 295-90 applies for the purpose of working out the amount of any * capital gain or * capital loss that arises from the event.

Note:          See Subdivision 295-B of the Income Tax (Transitional Provisions) Act 1997 for rules about cost base for assets owned by superannuation entities at the end of 30 June 1988.

             (2)  Subsection (1) has effect despite anything in Division 230.

Guide to Subdivision 320-C