INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 310 - Loss relief for merging superannuation funds  

Subdivision 310-E - Consequences of choosing assets roll-over  

SECTION 310-65   Revenue assets - if global asset approach chosen  

Consequences for transferring entity

310-65(1)  
For each of the original assets to which this section applies, the transferring entity ' s gross proceeds for the relevant transfer event are taken to be the amount (the deemed proceeds ) the transferring entity would need to have received in order to have a nil profit and nil loss for the event.

Note:

This section only applies if it is chosen to apply under subsection 310-50(3) .

Consequences for receiving entity

310-65(2)  
For each of the received assets to which this section applies, the receiving entity is taken, for the purposes of this Act, to have paid an amount for that asset at the time of the transfer event that is equal to the deemed proceeds for the corresponding original asset.


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