Income Tax Assessment Act 1997

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.

Div 311 repealed by No 89 of 2013, s 3 and Sch 1 item 23, effective 2 July 2019.

Div 311 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.

S 311-1 repealed by No 89 of 2013, s 3 and Sch 1 item 23, effective 2 July 2019. S 311-1 formerly read:

SECTION 311-1 What this Division is about  

This Division provides tax relief for certain entities if a member ' s accrued default amount is required to be transferred to a MySuper product.

If the transfer is to a MySuper product in another complying superannuation fund, a trustee of a complying superannuation fund, a life insurance company, or a trustee of a pooled superannuation trust, that satisfies certain conditions can:

(a) choose to transfer a loss; or

(b) choose an asset roll-over; or

(c) choose to transfer a loss and choose an asset roll-over.

If the transfer is to a MySuper product in the same complying superannuation fund, a trustee of the complying superannuation fund, a life insurance company, a trustee of a pooled superannuation trust, or the trustee of an interposed trust, that satisfies certain conditions can choose an asset roll-over.

Note 1:

This Division will be repealed on 2 July 2019: see Part 3 of Schedule 1 to the Superannuation Laws Amendment (MySuper Capital Gains Tax Relief and Other Measures) Act 2013 .

Note 2:

Part 2C of the Superannuation Industry (Supervision) Act 1993 provides rules about MySuper products.

S 311-1 substituted by No 94 of 2017, s 3 and Sch 2 item 2, effective 1 October 2017 and applicable in relation to the attribution or transfer of accrued default amounts on or after 29 June 2015. S 311-1 formerly read:

SECTION 311-1 What this Division is about  

This Division provides tax relief for certain entities if a member ' s accrued default amount is required to be transferred to a MySuper product in another complying superannuation fund.

A trustee of a complying superannuation fund, a life insurance company or a trustee of a pooled superannuation trust that satisfies certain conditions can:

(a) choose to transfer a loss; or

(b) choose an asset roll-over; or

(c) choose to transfer a loss and choose an asset roll-over.

Note 1:

This Division and associated provisions will be repealed on 2 July 2019: see Part 3 of Schedule 1 to the Superannuation Laws Amendment (MySuper Capital Gains Tax Relief and Other Measures) Act 2013 .

Note 2:

Part 2C of the Superannuation Industry (Supervision) Act 1993 provides rules about MySuper products.

S 311-1 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.