Treasury Laws Amendment (2017 Measures No. 4) Act 2017 (94 of 2017)

Schedule 2   Income tax relief for transfers within a fund to a MySuper product

Income Tax Assessment Act 1997

6   After section 311-10

Insert:

311-12 Certain entities can choose asset roll-overs for transfers within a fund

(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

(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

(3) The second condition is satisfied if:

(a) under the *arrangement at a particular time (the completion time ), the original fundattributes 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

(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

(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.