Tax and Superannuation Laws Amendment (2014 Measures No. 7) Act 2015 (21 of 2015)

Schedule 4   Providing certainty for superannuation fund mergers

Part 2   Other amendments

Income Tax Assessment Act 1997

17   Subsection 995-1(1) (definition of successor fund )

Repeal the definition, substitute:

successor fund , in relation to a transfer of a *superannuation interest of:

(a) a member of a *superannuation fund; or

(b) a depositor with an *approved deposit fund; or

(c) a holder of an *RSA;

means another superannuation fund, approved deposit fund or RSA if the following conditions are met:

(d) that other fund or RSA confers on that member, depositor or holder equivalent rights to the rights he or she had under the first-mentioned fund or RSA in respect of the interest;

(e) the conferral of these equivalent rights was agreed, before the transfer, between:

(i) the *superannuation provider of that other fund or RSA; and

(ii) the superannuation provider of the first-mentioned fund or RSA.