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.

View history note

Hide history note

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.

]

View history note

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.

View history note

Hide history note

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-E - Consequences of choosing assets roll-over

View history reference

View history note

SECTION 310-65 Revenue assets - if global asset approach chosen

View history reference

Consequences for transferring entity

310-65(1)
For each of the original assets to which this section applies, the transferring entity ' s gross proceeds for the relevant transfer event are taken to be the amount (the deemed proceeds ) the transferring entity would need to have received in order to have a nil profit and nil loss for the event.

Note:

This section only applies if it is chosen to apply under subsection 310-50(3) .

View history note

Consequences for receiving entity

310-65(2)
For each of the received assets to which this section applies, the receiving entity is taken, for the purposes of this Act, to have paid an amount for that asset at the time of the transfer event that is equal to the deemed proceeds for the corresponding original asset.

View history note

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.