Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012 (158 of 2012)

Schedule 1   Merging superannuation funds

Part 2   Further amendments of Division 310

Income Tax Assessment Act 1997

10   Section 310-50

Repeal the section, substitute:

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

(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.

(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.

(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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