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

15   Subsection 310-60(3)

Repeal the subsection, substitute:

(3) The transferring entity's *capital proceeds from the transfer event are taken to be an amount equal to:

(a) if, apart from this subsection, the event would result in a *capital gain - the asset's *cost base just before the event; or

(b) if, apart from this subsection, the event would result in a *capital loss - the asset's *reduced cost base just before the event.