S 311-40 repealed by No 89 of 2013, s 3 and Sch 1 item 23, effective 2 July 2019. S 311-40 formerly read:
SECTION 311-40 Assets roll-over
-
transfers between funds
311-40(1)
If section 311-10 applies, the transferring entity can choose under that section an asset roll-over for an asset in relation to which, under the
*
arrangement, a
*
CGT event happens if:
(a)
subsection (2) applies to the asset; and
(b)
an asset (the
received asset
) becomes an asset of one of the following (the
receiving entity
) as a result of the event:
(i)
a trustee of the continuing fund for the choice;
(ii)
a trustee of a
*
pooled superannuation trust in which units are held by the continuing fund for the choice just after the completion time;
(iii)
a
*
life insurance company with which a
*
complying superannuation life insurance policy is held by the continuing fund for the choice just after the completion time.
History
S 311-40(1) amended by No 94 of 2017, s 3 and Sch 2 items 10
-
12, by substituting
"
If section 311-10 applies, the transferring entity can choose under that section
"
for
"
The transferring entity can choose
"
and inserting
"
a trustee of
"
in para (b)(i) and (ii), effective 1 October 2017 and applicable in relation to the attribution or transfer of accrued default amounts on or after 29 June 2015.
S 311-40(1) amended by No 70 of 2015, s 3 and Sch 1 item 189, by substituting
"
superannuation
"
for
"
superannuation
/
FHSA
"
in para (b)(iii), effective 1 July 2015.
311-40(2)
This subsection applies to an asset (an
original asset
) if the asset is an asset of the transferring entity just before the
*
arrangement was made, and:
(a)
in a case where the transferring entity is a trustee of a
*
complying superannuation fund
-
the asset is reasonably attributable to the
*
accrued default amount of the member; or
(b)
in a case where the transferring entity is a
*
life insurance company
-
the asset is reasonably attributable to:
(i)
the accrued default amount of the member; and
(ii)
a
*
complying superannuation life insurance policy issued by the transferring entity and held by the original fund; or
(c)
in a case where the transferring entity is a trustee of a
*
pooled superannuation trust
-
the asset is reasonably attributable to:
(i)
the accrued default amount of the member; and
(ii)
units in a pooled superannuation trust issued by the transferring entity and held by the original fund.
History
S 311-40(2) amended by No 94 of 2017, s 3 and Sch 2 items 13 and 14, by substituting all words before para (a) and
"
transferring entity
"
for
"
entity choosing under Subdivision 311-B
"
in para (a), (b) and (c), effective 1 October 2017 and applicable in relation to the attribution or transfer of accrued default amounts on or after 29 June 2015. The words before para (a) formerly read:
The asset is an asset to which this subsection applies (an
original asset
) if:
S 311-40(2) amended by No 70 of 2015, s 3 and Sch 1 item 189, by substituting
"
superannuation
"
for
"
superannuation
/
FHSA
"
in para (b)(ii), effective 1 July 2015.
S 311-40 inserted by No 89 of 2013, s 3 and Sch 1 item 1, applicable to income years that include 1 July 2013, and to later income years. See the note under Div
311
heading.
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