S 311-42 repealed by No 89 of 2013, s 3 and Sch 1 item 23, effective 2 July 2019. S 311-42 formerly read:
SECTION 311-42 Assets roll-over
-
transfers within a fund
311-42(1)
If section 311-12 applies, the transferring entity can choose under that section an asset roll-over for an asset in relation to which, under the *arrangement, a *CGT event happens if:
(a)
subsection (2) applies to the asset; and
(b)
subsection (3) applies to the CGT event.
311-42(2)
This subsection applies to an asset (an
original asset
) if the asset is an asset of the transferring entity just before the *arrangement was made, and:
(a)
in a case where the transferring entity is a trustee of a *complying superannuation fund
-
the asset is reasonably attributable to the *accrued default amount of the member; or
(b)
in a case where the transferring entity is a *life insurance company
-
the asset is reasonably attributable to:
(i)
the accrued default amount of the member; and
(ii)
a *complying superannuation life insurance policy issued by the transferring entity and held by the original fund; or
(c)
in a case where the transferring entity is a trustee of a *pooled superannuation trust
-
the asset is reasonably attributable to:
(i)
the accrued default amount of the member; and
(ii)
units in a pooled superannuation trust issued by the transferring entity and held by the original fund; or
(d)
in a case where the transferring entity is a trustee of a trust (other than a trustee for which paragraph 311-12(2)(c) is satisfied)
-
the asset is reasonably attributable to the accrued default amount of the member.
311-42(3)
This subsection applies to a *CGT event if an asset (the
received asset
) becomes an asset of one of the following (the
receiving entity
) as a result of the CGT event:
(a)
a trustee of the original fund;
(b)
a *life insurance company with which a *complying superannuation life insurance policy is held by the original fund just after the completion time;
(c)
a trustee of a *pooled superannuation trust in which units are held by the original fund just after the completion time;
(d)
a trustee of a trust in which all or substantially all of the units are wholly owned, directly or indirectly (through one or more interposed entities), just after the completion time by one or more of the following:
(i)
a trustee of the original fund;
(ii)
a life insurance company with which a complying superannuation life insurance policy is held by the original fund just after the completion time;
(iii)
a trustee of a pooled superannuation trust in which units are held by the original fund just after the completion time.
S 311-42 inserted by No 94 of 2017, s 3 and Sch 2 item 15, effective 1 October 2017 and applicable in relation to the attribution or transfer of accrued default amounts on or after 29 June 2015.
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