Superannuation Laws Amendment (MySuper Capital Gains Tax Relief and Other Measures) Act 2013 (89 of 2013)

Schedule 1   Loss relief and asset roll-over for transfer of amounts to a MySuper product

Part 2   Other amendments

Income Tax Assessment Act 1997

7   At the end of section 290-180

Add:

Amounts transferred to a MySuper product in another complying superannuation fund

(6) If:

(a) under an *arrangement, the fund (the original fund ) transfers an *accrued default amount of a member (within the meaning of the Superannuation Industry (Supervision) Act 1993):

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

(ii) under section 388 of that Act;

to another superannuation fund that is a continuing fund for the purposes of subsection 311-10(3); and

(b) the arrangement takes effect after a valid notice is given under section 290-170; and

(c) you are a member (within the meaning of that Act) of the continuing fund immediately after the arrangement takes effect; and

(d) you seek to vary the valid notice after you cease to be a member (within the meaning of that Act) of the original fund;

then subsections (2) and (3A) apply as if references in those subsections to the original fund (or the trustee of the original fund) were references to the continuing fund (or the trustee of the continuing fund).