Capital gains tax and loss relief to facilitate superannuation reforms

An amendment to the Income Tax Assessment Act 1997 provides temporary taxation relief to eligible superannuation funds in the forms of loss relief and capital gains tax roll-over relief. It ensures that income tax considerations do not prevent mergers of super funds or transfers of members' benefits and relevant assets, in transitioning to Stronger Super and MySuper.

The tax relief will be available to complying super funds (excluding self-managed super funds) or approved deposits funds that merge with a complying super fund with five or more members.

The tax relief is available for mergers that occur on or after 1 October 2011 and before 2 July 2017.

Media release

For more information refer to:

• media release Release of Exposure Draft legislation for taxation relief for mergers of superannuation funds issued on 3 August 2012 by the Minister for Financial Services and Superannuation
• media release Tax relief for superfund mergers helps to lower fees issued on 24 April 2012 by the Minister for Financial Services and Superannuation.

Legislation and supporting material

The following legislation received royal assent on 28 November 2012:

• Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012
• Explanatory Memorandum.

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