Tax and Superannuation Laws Amendment (2014 Measures No. 7) Act 2015 (21 of 2015)

Schedule 4   Providing certainty for superannuation fund mergers

Part 1   Main amendments

Income Tax Assessment Act 1997

1   After section 306-10

Insert:

306-12 Involuntary roll-over superannuation benefit

A *roll-over superannuation benefit is an involuntary roll-over superannuation benefit if it is:

(a) a payment transferring a *superannuation interest of:

(i) a member of a *superannuation fund; or

(ii) a depositor with an *approved deposit fund; or

(iii) a holder of an *RSA;

to a *successor fund (other than a *self managed superannuation fund) without the consent of the member, depositor or holder; or

(b) a payment transferring an *accrued default amount of a member (within the meaning of the Superannuation Industry (Supervision) Act 1993) of a *complying superannuation fund to another complying superannuation fund:

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

(ii) under section 388 of that Act;

if:

(iii) that member becomes a member (within the meaning of that Act) of the other fund immediately after the transfer; and

(iv) the transfer happens during the period beginning on 1 July 2015 and ending on 1 July 2017; or

(c) a payment of consideration for the issue to a person of a beneficial interest in an eligible rollover fund (within the meaning of the Superannuation Industry (Supervision) Act 1993) in accordance with an application on behalf of that person under section 243 of that Act.