S 311-12 repealed by No 89 of 2013, s 3 and Sch 1 item 23, effective 2 July 2019. S 311-12 formerly read:
SECTION 311-12 Certain entities can choose asset roll-overs for transfers within a fund
311-12(1)
If an *arrangement is made for which the conditions in this section are satisfied, a trustee of a *complying superannuation fund, a *life insurance company or a trustee of a trust (the
transferring entity
) can choose an asset roll-over.
Entity
'
s assets must support interests in a fund
311-12(2)
The first condition is satisfied if, just before the *arrangement was made:
(a)
for an entity that is a trustee of a *complying superannuation fund (the
original fund
)
-
its assets included assets other than:
(i)
a *complying superannuation life insurance policy; or
(ii)
units in a *pooled superannuation trust; or
(b)
for an entity that is a *life insurance company
-
a complying superannuation life insurance policy issued by the entity was held by a complying superannuation fund (the
original fund
); or
(c)
for an entity that is a trustee of a pooled superannuation trust
-
units in the trust were held by a complying superannuation fund (the
original fund
); or
(d)
for an entity that is the trustee of a trust (other than a trustee for which paragraph (c) is satisfied)
-
all or substantially all of the units in the trust were wholly owned, directly or indirectly (through one or more interposed entities), by one or more of the following:
(i)
a trustee of a complying superannuation fund (the
original fund
);
(ii)
a life insurance company that has issued a complying superannuation life insurance policy that, just before the arrangement was made, was held by a complying superannuation fund (the
original fund
);
(iii)
a trustee of a pooled superannuation trust that has issued units that, just before the arrangement was made, were held by a complying superannuation fund (the
original fund
).
Transfer of accrued default amount
311-12(3)
The second condition is satisfied if:
(a)
under the *arrangement at a particular time (the
completion time
), the original fund attributes to a *MySuper product an *accrued default amount of a person who is a member (within the meaning of the
Superannuation Industry (Supervision) Act 1993
); and
(b)
the amount is so attributed as a result of an election made under paragraph 29SAA(1)(a) of that Act.
Investment structures of default product and MySuper product must be substantially the same
311-12(4)
The third condition is satisfied if:
(a)
the investment structure of the class of beneficial interest to which the *accrued default amount is attributed just before the completion time; and
(b)
the investment structure of the *MySuper product;
are substantially the same.
Choice relates to period from 29 June 2015 to 1 July 2017
311-12(5)
The fourth condition is satisfied if the completion time occurs during the period beginning on 29 June 2015 and ending on 1 July 2017.
S 311-12 inserted by No 94 of 2017, s 3 and Sch 2 item 6, 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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