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CZ 12: General insurance with risk period straddling 1 July 1993
or “Rules for certain reinsurance claims spanning 1 July 1993”
You could also call this:

“How units and interests in certain investments were treated from 1 April 1996”

If you owned units in a unit trust or interests in a group investment fund on 1 April 1996, the government decided to change how they were treated. From that date, these units or interests were considered as if they weren’t issued with the ‘slice rule’ applying to their redemption.

If you had made a special choice about how your units or interests were classified (based on a specific part of the law), that choice was cancelled from 1 April 1996. It’s as if you never made that choice.

However, if you managed or were a trustee of a unit trust or group investment fund, you could choose to keep the ‘slice rule’ for redemptions. To do this, you needed to tell the Commissioner before 1 April 1996. If you did this, your units or interests would still be treated as if the ‘slice rule’ applied when they were redeemed.

The ‘slice rule’ is a way of calculating how much of your investment return is taxable when you cash in your units or interests. These changes affected how your investment might be taxed.

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Next up: CZ 14: Treatment of superannuation fund interests in group investment funds on 1 April 1999

or “How superannuation funds' investments in group investment funds are taxed from 1 April 1999”
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Part C Income
Terminating provisions

CZ 13Treatment of units and interests in unit trusts and group investment funds on issue as at 1 April 1996

  1. All units in a unit trust and interests in a group investment fund on issue on 1 April 1996 are treated, on and from that date, as not having been issued on terms that their redemption would be subject to the slice rule.

  2. All units or interests to which subsection (1) applies and for which an election has been made relying on paragraph (c) of the definition of the term shares of the same class in section YA 1 (Definitions) are treated on and from 1 April 1996 as if the election made in reliance upon paragraph (c) had never been made.

  3. This section does not apply to a unit or interest if the manager or trustee of the unit trust or group investment fund so chooses, by giving notice to the Commissioner before 1 April 1996, in which case the relevant unit or interest is treated, on and from 1 April 1996, as having been issued on terms that its redemption would be subject to the slice rule.

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