S 311-20 repealed by No 89 of 2013, s 3 and Sch 1 item 23, effective 2 July 2019. S 311-20 formerly read:
SECTION 311-20 Losses that can be transferred
311-20(1)
The transferring entity
'
s losses that can be transferred are:
(a)
any of its
*
net capital losses for income years earlier than the income year that includes the completion time (the
transfer year
), to the extent that they were not
*
utilised before the completion time; and
(b)
any net capital loss it would have made for the transfer year were the transfer year to have ended at the completion time; and
(c)
any of its
*
tax losses for income years earlier than the transfer year, to the extent that they were not utilised before the completion time; and
(d)
any tax loss it would have incurred for the transfer year were the transfer year to have ended at the completion time;
worked out subject to the modifications set out in this section.
Note:
If the entity choosing to transfer losses also chooses an asset roll-over for the same arrangement, none of the CGT events for the roll-over will contribute towards a loss transferred under this Subdivision (see section 311-45 and subsections 311-50(1) and 311-55(1)).
Modifications for transferred losses
311-20(2)
For a choice under Subdivision 311-B by an entity that is a trustee of a
*
complying superannuation fund, work out those losses by only considering
*
capital gains,
*
capital losses, assessable income and deductions to the extent that they are reasonably attributable to the
*
accrued default amount of the member.
311-20(3)
For a choice under Subdivision 311-B by an entity that is a
*
life insurance company, work out those losses by only considering the following to the extent that they are reasonably attributable to the
*
accrued default amount of the member, and to a
*
complying superannuation life insurance policy issued by the transferring entity and held by the original fund:
(a)
*
capital gains from
*
complying superannuation assets;
(b)
*
capital losses from complying superannuation assets;
(c)
assessable income covered by subsection 320-137(2) (about complying superannuation assets);
(d)
deductions covered by subsection 320-137(4) (about complying superannuation assets).
History
S 311-20(3) amended by No 70 of 2015, s 3 and Sch 1 item 189, by substituting
"
superannuation
"
for
"
superannuation/FHSA
"
(wherever occurring), effective 1 July 2015.
311-20(4)
For a choice under Subdivision 311-B by an entity that is a trustee of a
*
pooled superannuation trust, work out those losses by only considering
*
capital gains,
*
capital losses, assessable income and deductions to the extent that they are reasonably attributable:
(a)
to the
*
accrued default amount of the member; and
(b)
to units in the trust held by the original fund.
History
S 311-20(4) amended by No 94 of 2017, s 3 and Sch 2 item 8, by substituting
"
trust
"
for
"
transferring entity
"
in para (b), effective 1 October 2017 and applicable in relation to the attribution or transfer of accrued default amounts on or after 29 June 2015.
S 311-20 inserted by No 89 of 2013, s 3 and Sch 1 item 1, applicable to income years that include 1 July 2013, and to later income years. See the note under Div
311
heading.
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