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Div 311 repealed by No 89 of 2013, s 3 and Sch 1 item 23, effective 2 July 2019.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

Subdiv 311-D repealed by No 89 of 2013, s 3 and Sch 1 item 23, effective 2 July 2019.

Subdiv 311-D 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.

S 311-55 repealed by No 89 of 2013, s 3 and Sch 1 item 23, effective 2 July 2019. S 311-55 formerly read:

SECTION 311-55 Further consequences for roll-overs involving life insurance companies  
311-55(1)
Section 320-200 does not apply for a * CGT event for a roll-over chosen under Subdivision 311-B if either the transferring entity or the receiving entity is a * life insurance company.

Note:

Section 320-200 is about the consequences of transferring assets to or from a complying superannuation asset pool.

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History

S 311-55(1) amended by No 8 of 2019, s 3 and Sch 8 item 45, by substituting " Section 320-200 " for " Section 320 " in the note, effective 1 April 2019.

S 311-55(1) amended by No 94 of 2017, s 3 and Sch 2 item 18, by substituting " a roll-over chosen under Subdivision 311-B " for " the roll-over " , effective 1 October 2017 and applicable in relation to the attribution or transfer of accrued default amounts on or after 29 June 2015.

S 311-55(1) amended by No 70 of 2015, s 3 and Sch 1 item 189, by substituting " superannuation " for " superannuation/FHSA " in the note, effective 1 July 2015.

311-55(2)
If the receiving entity for a roll-over chosen under Subdivision 311-B is a * life insurance company, each received asset of that entity is taken:

(a) to be a * complying superannuation asset of that entity; and

(b) not to be, in whole or in part, a * life insurance premium.

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History

S 311-55(2) amended by No 94 of 2017, s 3 and Sch 2 item 18, by substituting " a roll-over chosen under Subdivision 311-B " for " the roll-over " , effective 1 October 2017 and applicable in relation to the attribution or transfer of accrued default amounts on or after 29 June 2015.

S 311-55(2) amended by No 70 of 2015, s 3 and Sch 1 item 189, by substituting " superannuation " for " superannuation/FHSA " in para (a), effective 1 July 2015.

S 311-55 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.