INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 311 - Loss relief and asset roll-over for transfer of amounts to a MySuper product  

Guide to Division 311  

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    This Division will be repealed on 2 July 2019: see Part 3 of Schedule 1 to the Superannuation Laws Amendment (MySuper Capital Gains Tax Relief and Other Measures) Act 2013 .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


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