Treasury Laws Amendment (2017 Measures No. 4) Act 2017 (94 of 2017)

Schedule 2   Income tax relief for transfers within a fund to a MySuper product

Income Tax Assessment Act 1997

2   Section 311-1

Repeal the section, substitute:

311-1 What this Division is about

This Division provides tax relief for certain entities if a member's accrued default amount is required to be transferred to a MySuper product.

If the transfer is to a MySuper product in another complying superannuation fund, a trustee of a complying superannuation fund, a life insurance company, or a trustee of a pooled superannuation trust, that satisfies certain conditions 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.

If the transfer is to a MySuper product in the same complying superannuation fund, a trustee of the complying superannuation fund, a life insurance company, a trustee of a pooled superannuation trust, or the trustee of an interposed trust, that satisfies certain conditions can choose an asset roll-over.

Note 1: This Division will be repealed on 2 July 2019: see Part 3 of Schedule 1 to the Superannuation Laws Amendment (MySuper Capital Gains Tax Relief and Other Measures) Act 2013.

Note 2: Part 2C of the Superannuation Industry (Supervision) Act 1993 provides rules about MySuper products.