Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES

PART 3-30 - SUPERANNUATION

Division 310 - Loss relief for merging superannuation funds

[ 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:

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;
on or after 1 October 2011.

Note 1:

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.

Note 2:

The effect of paragraph (b) is that the transferring fund needs to cease to hold all relevant assets during this period.

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History

S 19 amended by No 49 of 2020, s 3 and Sch 2 item 2, by substituting " on or after 1 October 2011 " for " during the period starting on 1 October 2011 and ending at the end of 1 July 2020 " , effective 1 July 2020.

S 19 amended by No 23 of 2018, s 3 and Sch 2 item 3, by substituting " 1 July 2020 " for " 1 July 2017 " , effective 1 April 2018.

]

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History

Div 310 inserted by No 19 of 2010, s 3 and Sch 2 item 1, effective 25 March 2010. No 19 of 2010 (as amended by No 147 of 2011, No 158 of 2012 and No 23 of 2018), s 3 and Sch 2 item 11 contains the following application provision:

Application provision
11(1)
The amendments made by Parts 1 and 2 of 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 (as amended by this Schedule) 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;
during the period starting on 24 December 2008 and ending at the end of 30 June 2011, or on or after 1 October 2011.

Note 1:

The effect of paragraph (1)(a) is that, subject to subitem (2), all of the members of the original fund will need to become members of a continuing fund during the period or on or after 1 October 2011.

Note 2:

The effect of paragraph (1)(b) is that, subject to subitem (2), the transferring fund needs to cease to hold all relevant assets during the period or on or after 1 October 2011.

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History

S 11(1) amended by No 49 of 2020, s 3 and Sch 2 items 4 and 5, by substituting " on or after 1 October 2011 " for " during the period starting on 1 October 2011 and ending at the end of 1 July 2020 " and substituting " the period or on or after 1 October 2011 " for " this period " in note 1 and 2, effective 1 July 2020. For application provisions, see note under s 310-1 .

11(2)
The amendments also 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 (as amended by this Schedule) for those entities is satisfied during the period starting on 24 December 2008 and ending at the end of 30 September 2011; and

(b) all the transfer events (if any) referred to in subsection 310-45(2) of that Act for those entities happen during the period starting on 1 July 2010 and ending at the end of 30 September 2011.

Subdivision 310-D - Choice for assets roll-over

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SECTION 310-50 Choosing the form of the assets roll-over

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310-50(1)
An entity that chooses a roll-over under this Subdivision must choose the form of the roll-over that applies to each of the following:

(a) the original assets that are not *revenue assets;

(b) the original assets that are revenue assets.

310-50(2)
In respect of original assets that are not *revenue assets, the entity choosing the roll-over must choose either section 310-55 (global asset approach) or 310-60 (individual asset approach) to apply to the original assets and the corresponding received assets.

310-50(3)
In respect of original assets that are *revenue assets, the entity choosing the roll-over must choose either section 310-65 (global asset approach) or 310-70 (individual asset approach) to apply to the original assets and the corresponding received assets.

Note:

The entity choosing the form of the roll-over may choose different forms of roll-over for its CGT assets and revenue assets.

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History

S 310-50 substituted by No 158 of 2012, s 3 and Sch 1 item 10, effective 1 October 2011. For application provisions see note under Div 310 heading. S 310-50 formerly read:

SECTION 310-50 Choosing the form of the assets roll-over
310-50(1)
For those of the original assets that are not *revenue assets, the form of the roll-over is worked out as follows: Method statement

Step 1.
For the transfer events relating to those original assets:

(a) add up any *capital losses of the transferring entity for the events; and

(b) subtract any *capital gains of the transferring entity for the events.

Step 2.
If the result of step 1 is more than zero, the entity choosing the roll-over can choose either section 310-55 (global asset approach) or 310-60 (individual asset approach) to apply to those assets and the corresponding received assets.

Step 3.
Otherwise, section 310-60 (individual asset approach) applies to those original assets and the corresponding received assets.

310-50(2)
For those of the original assets that are *revenue assets, the form of the roll-over is worked out as follows: Method statement

Step 1.
For the transfer events relating to those original assets:

(a) add up any amounts the transferring entity would be able to deduct as a result of the events; and

(b) subtract any amounts that would be included in the transferring entity ' s assessable income as a result of the events.

Step 2.
If the result of step 1 is more than zero, the entity choosing the roll-over can choose either section 310-65 (global asset approach) or 310-70 (individual asset approach) to apply to those assets and the corresponding received assets.

Step 3.
Otherwise, section 310-70 (individual asset approach) applies to those original assets and the corresponding received assets.

S 310-50 inserted by No 19 of 2010, s 3 and Sch 2 item 1, effective 25 March 2010. For application provisions see note under Div 310 heading.

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