CHAPTER 3
-
SPECIALIST LIABILITY RULES
PART 3-30
-
SUPERANNUATION
History
Part 3-30 inserted by
No 9 of 2007
, s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.
Division 310
-
Loss relief for merging superannuation funds
[
CCH Note:
No 158 of 2012 (as amended by No 23 of 2018 and No 49 of 2020), s 3 and Sch 1 item 19 contains the following application provision:
Application provision
19
The amendments made by this Schedule apply in relation to a transferring entity and a receiving entity if:
(a)
the condition in subsection
310-10(3)
,
310-15(3)
or
310-20(3)
of the
Income Tax Assessment Act 1997
for those entities is satisfied; and
(b)
all the transfer events (if any) referred to in subsection
310-45(2)
of that Act for those entities happen;
on or after 1 October 2011.
Note 1:
The effect of paragraph (a) is that all of the members of the original fund will need to become members of a continuing fund during this period.
Note 2:
The effect of paragraph (b) is that the transferring fund needs to cease to hold all relevant assets during this period.
History
S 19 amended by No 49 of 2020, s 3 and Sch 2 item 2, by substituting
"
on or after 1 October 2011
"
for
"
during the period starting on 1 October 2011 and ending at the end of 1 July 2020
"
, effective 1 July 2020.
S 19 amended by No 23 of 2018, s 3 and Sch 2 item 3, by substituting
"
1 July 2020
"
for
"
1 July 2017
"
, effective 1 April 2018.
]
History
Div 310 inserted by No 19 of 2010, s 3 and Sch 2 item 1, effective 25 March 2010. No 19 of 2010 (as amended by No 147 of 2011, No 158 of 2012 and No 23 of 2018), s 3 and Sch 2 item 11 contains the following application provision:
Application provision
11(1)
The amendments made by Parts 1 and 2 of this Schedule apply in relation to a transferring entity and a receiving entity if:
(a)
the condition in subsection
310-10(3)
,
310-15(3)
or
310-20(3)
of the
Income Tax Assessment Act 1997
(as amended by this Schedule) for those entities is satisfied; and
(b)
all the transfer events (if any) referred to in subsection
310-45(2)
of that Act for those entities happen;
during the period starting on 24 December 2008 and ending at the end of 30 June 2011, or on or after 1 October 2011.
Note 1:
The effect of paragraph (1)(a) is that, subject to subitem (2), all of the members of the original fund will need to become members of a continuing fund during the period or on or after 1 October 2011.
Note 2:
The effect of paragraph (1)(b) is that, subject to subitem (2), the transferring fund needs to cease to hold all relevant assets during the period or on or after 1 October 2011.
History
S 11(1) amended by No 49 of 2020, s 3 and Sch 2 items 4 and 5, by substituting
"
on or after 1 October 2011
"
for
"
during the period starting on 1 October 2011 and ending at the end of 1 July 2020
"
and substituting
"
the period or on or after 1 October 2011
"
for
"
this period
"
in note 1 and 2, effective 1 July 2020. For application provisions, see note under s
310-1
.
11(2)
The amendments also apply in relation to a transferring entity and a receiving entity if:
(a)
the condition in subsection
310-10(3)
,
310-15(3)
or
310-20(3)
of the
Income Tax Assessment Act 1997
(as amended by this Schedule) for those entities is satisfied during the period starting on 24 December 2008 and ending at the end of 30 September 2011; and
(b)
all the transfer events (if any) referred to in subsection 310-45(2) of that Act for those entities happen during the period starting on 1 July 2010 and ending at the end of 30 September 2011.
Subdivision 310-C
-
Consequences of choosing to transfer losses
History
Subdiv 310-C inserted by No 19 of 2010, s 3 and Sch 2 item 1, effective 25 March 2010. For application provisions see note under Div
310
heading.
SECTION 310-35
Effect of transferring a net capital loss
310-35(1)
To the extent that an earlier year net capital loss is transferred to a receiving entity:
(a)
the transferring entity is taken not to have made the loss for that earlier income year; and
(b)
an amount equal to the transferred amount is taken to be:
(i)
if the receiving entity is a *life insurance company
-
a *capital loss from *complying superannuation assets made by the receiving entity for the transfer year; and
(ii)
otherwise
-
a capital loss made by the receiving entity for the transfer year.
History
S 310-35(1) amended by No 70 of 2015, s 3 and Sch 1 item 189, by substituting
"
superannuation
"
for
"
superannuation/FHSA
"
in para (b)(i), effective 1 July 2015.
S 310-35(1) amended by No 158 of 2012, s 3 and Sch 1 item 6, by substituting
"
for the transfer year
"
for
"
for that earlier year
"
in para (b)(i) and (ii), effective 1 October 2011. For application provisions see note under Div
310
heading.
310-35(2)
To the extent that a transfer year net capital loss is transferred to a receiving entity:
(a)
if the transferring entity is a *life insurance company
-
the sum of the transferring entity
'
s *capital losses from *complying superannuation assets for the transfer year is reduced by an amount equal to the transferred amount; and
(b)
if the transferring entity is not a life insurance company
-
the sum of the transferring entity
'
s capital losses for the transfer year is reduced by an amount equal to the transferred amount; and
(c)
if the receiving entity is a life insurance company
-
an amount equal to the transferred amount is taken to be a capital loss from complying superannuation assets made by the receiving entity for the transfer year; and
(d)
if the receiving entity is not a life insurance company
-
an amount equal to the transferred amount is taken to be a capital loss made by the receiving entity for the transfer year.
History
S 310-35(2) amended by No 70 of 2015, s 3 and Sch 1 item 189, by substituting
"
superannuation
"
for
"
superannuation/FHSA
"
in para (a) and (c), effective 1 July 2015.
History
S 310-35 inserted by No 19 of 2010, s 3 and Sch 2 item 1, effective 25 March 2010. For application provisions see note under Div
310
heading.
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