Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES

PART 3-3 - CAPITAL GAINS AND LOSSES: SPECIAL TOPICS

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Division 126 - Same-asset roll-overs

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Subdivision 126-C - Changes to trust deeds

SECTION 126-130 Changes to trust deeds

126-130(1)
There is a roll-over if:

(a) *CGT event E1 or E2 happens in relation to a *CGT asset because the trust deed of a *complying approved deposit fund or *complying superannuation fund is amended or replaced; and

(b) the amendment or replacement is done for the purpose of:

(i) complying with the Superannuation Industry (Supervision) Act 1993 ; or

(ii) enabling a *complying approved deposit fund to become a *complying superannuation fund; and

(c) the assets and members of the fund do not change as a consequence of the amendment or replacement.

Note:

The full list of CGT events is in section 104-5 .

126-130(2)

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There is a roll-over if:

(a) *CGT event E1 or E2 happens in relation to a *CGT asset because the trust deed of a fund is amended or replaced; and

(b) the amendment or replacement is done for the purpose of having:

(i) the fund endorsed as an approved worker entitlement fund under subsection 58PB(3) of the Fringe Benefits Tax Assessment Act 1986 ; or

(ii) the entity that operates the fund endorsed for the operation of the fund as an approved worker entitlement fund under subsection 58PB(3A) of that Act.

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(c) the assets and members of the fund do not change as a consequence of the amendment or replacement.

Note:

The full list of CGT events is in section 104-5 .

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History

S 126-130(2) amended by No 41 of 2011, s 3 and Sch 5 item 9, by substituting para (b), effective 28 June 2011. No 41 of 2011, s 3 and Sch 5 items 13 and 14 contain the following transitional provisions:

13 Transitional provision - approved worker entitlement funds
Scope

(1)
This item applies to a fund that, just before the commencement of this item, was an approved worker entitlement fund under subsection 58PB(2) of the Fringe Benefits Tax Assessment Act 1986 .

Fund taken to have been endorsed

(2)
Treat the fund as having been endorsed, on that commencement, by the Commissioner under subsection 58PB(3) of that Act, as amended by this Part.

(3)
To avoid doubt, subitem (2) does not prevent the Commissioner from revoking that endorsement at a later time under section 426-55 in Schedule 1 to the Taxation Administration Act 1953 .

Fund not required to have ABN for 6 months

(4)
Paragraph 58PB(4)(f) of the Fringe Benefits Tax Assessment Act 1986 , as added by this Part, does not apply to the fund before the end of the period of 6 months starting on the day this item commences.
14 Transitional provision - Australian Business Registrar
14
During the period of 18 months starting on the day this item commences, the Australian Business Registrar:

(a) may enter, but is not required to enter, in the Australian Business Register under subsection 426-65(1) in Schedule 1 to the Taxation Administration Act 1953 a statement that:

(i) an approved worker entitlement fund is endorsed as mentioned in paragraph (ba) of that subsection, as inserted by this Part; or

(ii) an entity is endorsed as mentioned in paragraph (bb) of that subsection, as inserted by this Part; and

(b) may publish on the Australian Taxation Office website, in relation to an approved worker entitlement fund:

(i) the name of the fund; and

(ii) the ABN (within the meaning of the A New Tax System (Australian Business Number) Act 1999 ) of the fund, or of the entity that operates the fund; and

(iii) the date on which the fund was endorsed as mentioned in paragraph (ba) of that subsection, or on which an entity was endorsed for the operation of the fund under paragraph (bb) of that subsection.

Para (b) formerly read:

(b) the amendment or replacement is done for the purpose of having the fund approved as an approved worker entitlement fund under subsection 58PB(2) of the Fringe Benefits Tax Assessment Act 1986 ; and

S 126-130(2) inserted by No 66 of 2003.

S 126-130 inserted by No 46 of 1998.

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