Income Tax Assessment Act 1997
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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:
on or after 1 October 2011. 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. The effect of paragraph (b) is that the transferring fund needs to cease to hold all relevant assets during this period.
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;
Note 1:
Note 2:
To the extent that an earlier year tax loss is transferred to a receiving entity:
(a) the transferring entity is taken not to have incurred the loss for that earlier income year; and
(b) for the purposes of section 36-15, an amount equal to the transferred amount is taken to be:
(i) if the receiving entity is a *life insurance company - a *tax loss of the *complying superannuation class incurred by the receiving entity for the income year immediately prior to the transfer year; and
(ii) otherwise - a tax loss incurred by the receiving entity for the income year immediately prior to the transfer year; and
(c) for all other purposes of this Act, an amount equal to the transferred amount is taken to be:
(i) if the receiving entity is a life insurance company - a tax loss of the complying superannuation class incurred by the receiving entity for the transfer year; and
(ii) otherwise - a tax loss incurred by the receiving entity for the transfer year.
310-40(2)
To the extent that a transfer year tax loss is transferred to a receiving entity:
(a) if the transferring entity is a *life insurance company - the sum of the transferring entity ' s deductions covered by subsection 320-137(4) (about 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 deductions 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 *tax loss of the *complying superannuation class incurred 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 tax loss incurred by the receiving entity for the transfer year.
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