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Div 311 repealed by No 89 of 2013, s 3 and Sch 1 item 23, effective 2 July 2019.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Subdiv 311-B repealed by No 89 of 2013, s 3 and Sch 1 item 23, effective 2 July 2019.

Subdiv 311-B 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S 311-10 repealed by No 89 of 2013, s 3 and Sch 1 item 23, effective 2 July 2019. S 311-10 formerly read:

SECTION 311-10 Certain entities can choose transfer of losses, asset roll-overs, or both for transfers between funds  
311-10(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 * pooled superannuation trust (the transferring entity ) 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.

Entity must hold certain assets

311-10(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 ).

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History

S 311-10(2) amended by No 94 of 2017, s 3 and Sch 2 item 5, by substituting " units in the trust " for " units in the entity " in para (c), effective 1 October 2017 and applicable in relation to the attribution or transfer of accrued default amounts on or after 29 June 2015.

S 311-10(2) amended by No 70 of 2015, s 3 and Sch 1 item 189, by substituting " superannuation " for " superannuation/FHSA " in para (a)(i) and (b), effective 1 July 2015.

Transfer of accrued default amount and membership of continuing fund

311-10(3)
The second condition is satisfied if:

(a) under the * arrangement, the original fund transfers, to a * complying superannuation fund (the continuing fund ), 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 transferred to the continuing fund:

(i) as a result of an election made under paragraph 29SAA(1)(b) of that Act; or

(ii) under section 388 of that Act; and

(c) the member is a member of the continuing fund immediately after the time that the transfer occurs (the completion time ).

Choice relates to period from 1 July 2013 to 1 July 2017

311-10(4)
The third condition is satisfied if the completion time occurs during the period beginning on 1 July 2013 and ending on 1 July 2017.

S 311-10 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.