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.
Legislation and supporting material
The following legislation received royal assent on 28 November 2012:
For more information refer to:
This measure will amend legislation to ensure that income tax considerations do not prevent mergers of superannuation funds or transfers of their existing default members' balances and relevant assets in the transition to Stronger Super and MySuper.