Income Tax Assessment Act 1997
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View history notePart 3-30 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.
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CCH Note 1:
No 158 of 2012 (as amended by No 23 of 2018), s 3 and Sch 1 item 19 contains the following application provision:
during the period starting on 1 October 2011 and ending at the end of 1 July 2020. The effect of paragraph (a) is that all of the members of the original fund will need to become members of a continuing fund during this period. The effect of paragraph (b) is that the transferring fund needs to cease to hold all relevant assets during this period.
Application provision
]
19
The amendments made by this Schedule apply in relation to a transferring entity and a receiving entity if:
(a)
the condition in subsection
310-10(3)
,
310-15(3)
or
310-20(3)
of the
Income Tax Assessment Act 1997
for those entities is satisfied; and
(b)
all the transfer events (if any) referred to in subsection
310-45(2)
of that Act for those entities happen;
Note 1:
Note 2:
[ CCH Note 2: Div 310 will be repealed by No 19 of 2010 (as amended by No 158 of 2012 and No 23 of 2018), s 3 and Sch 2 item 21, effective 1 July 2022.
No 19 of 2010 (as amended by No 46 of 2011, No 158 of 2012 and No 23 of 2018), s 3 and Sch 2 items 22 to 26 contains the following savings provisions related to the repeal:
]Part 5 - Savings
Object
22
The object of this Part is to ensure that, despite the repeals made by Part 4, the full legal and administrative consequences of:
(a) any act done or omitted to be done; or
(b) any state of affairs existing; or
(c) any period ending;before such a repeal, can continue to arise and flow, directly or indirectly, through an indefinite number of steps, even if some or all of those steps are taken after the repeal.
Making and amending assessments, and doing other things, in relation to past matters
23
Even though a provision is repealed by Part 4, the repeal is disregarded for the purpose of doing any of the following under any Act or legislative instrument (within the meaning of the Legislative Instruments Act 2003 ):
(a) making or amending an assessment;
(b) exercising any right or power, performing any obligation or duty or doing any other thing (including under a provision that is itself repealed);in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal.
Saving of provisions about effect of assessments
24
If a provision or part of a provision that is repealed by Part 4 affects an assessment, the repeal is disregarded in relation to assessments made, before or after the repeal, in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal. Repeals disregarded for the purposes of dependent provisions
25
If the operation of a provision (the subject provision ) of any Act or legislative instrument (within the meaning of the Legislative Instruments Act 2003 ) made under any Act depends to any extent on a provision that is repealed by Part 4 of this Schedule, the repeal is disregarded so far as it affects the operation of the subject provision. Part does not limit operation of section 7 of the Acts Interpretation Act 1901
26
This Part does not limit the operation of section 7 of the Acts Interpretation Act 1901 .
Div 310 inserted by No 19 of 2010, s 3 and Sch 2 item 1, effective 25 March 2010. No 19 of 2010 (as amended by No 147 of 2011, No 158 of 2012 and No 23 of 2018), s 3 and Sch 2 item 11 contains the following application provision:
during the period starting on 24 December 2008 and ending at the end of 30 June 2011, or during the period starting on 1 October 2011 and ending at the end of 1 July 2020. The effect of paragraph (1)(a) is that, subject to subitem (2), all of the members of the original fund will need to become members of a continuing fund during this period. The effect of paragraph (1)(b) is that, subject to subitem (2), the transferring fund needs to cease to hold all relevant assets during this period.
Application provision
11(1)
The amendments made by Parts 1 and 2 of this Schedule apply in relation to a transferring entity and a receiving entity if:
(a)
the condition in subsection
310-10(3)
,
310-15(3)
or
310-20(3)
of the
Income Tax Assessment Act 1997
(as amended by this Schedule) for those entities is satisfied; and
(b)
all the transfer events (if any) referred to in subsection
310-45(2)
of that Act for those entities happen;
Note 1:
Note 2:
11(2)
The amendments also apply in relation to a transferring entity and a receiving entity if:
(a) the condition in subsection 310-10(3) , 310-15(3) or 310-20(3) of the Income Tax Assessment Act 1997 (as amended by this Schedule) for those entities is satisfied during the period starting on 24 December 2008 and ending at the end of 30 September 2011; and
(b) all the transfer events (if any) referred to in subsection 310-45(2) of that Act for those entities happen during the period starting on 1 July 2010 and ending at the end of 30 September 2011.
Subdiv 310-B inserted by No 19 of 2010, s 3 and Sch 2 item 1, effective 25 March 2010. For application provisions see note under Div 310 heading.
A trustee of:
(a) a *complying superannuation fund (other than a *self managed superannuation fund) (the transferring entity or the original fund ); or
(b) a *complying approved deposit fund (the transferring entity or the original fund );
can choose to transfer losses if an *arrangement is made for which the conditions in this section are satisfied.
S 310-10(1) amended by No 158 of 2012, s 3 and Sch 1 item 5, by substituting " *complying superannuation fund (other than a *self managed superannuation fund) " for " *complying superannuation fund " in para (a), effective 1 October 2011. For application provisions see note under Div 310 heading.
The first condition is satisfied if, just before the *arrangement was made, the transferring entity ' s assets included assets other than:
(a) a *complying superannuation life insurance policy; or
(b) units in a *pooled superannuation trust.
Note:
Other entities may also choose under this Subdivision to transfer losses, for the same arrangement, if the transferring entity holds a complying superannuation life insurance policy or units in a pooled superannuation trust.
S 310-10(2) amended by No 70 of 2015, s 3 and Sch 1 item 189, by substituting " superannuation " for " superannuation/FHSA " in para (a) and in the note, effective 1 July 2015.
The second condition is satisfied if, under the *arrangement:
(a) the transferring entity ceases to have any members (within the meaning of the Superannuation Industry (Supervision) Act 1993 ) at a particular time (the completion time ); and
(b) the individuals who cease to be members (within the meaning of that Act) of the transferring entity become members (within the meaning of that Act) of one or more *complying superannuation funds (the continuing funds ). Continuing funds will usually not be able to be small funds 310-10(4)
The third condition is satisfied if either:
(a) none of the continuing funds was a *small superannuation fund, and all existed, just before the *arrangement was made; or
(b) the following subparagraphs apply:
(i) only one of the continuing funds either was a small superannuation fund, or did not exist, just before the arrangement was made;
(ii) under the arrangement, a *complying superannuation fund or *complying approved deposit fund, other than the original fund, ceases to have any members (within the meaning of the Superannuation Industry (Supervision) Act 1993 );
(iii) under the arrangement, the individuals who cease to be members (within the meaning of that Act) of that other fund become members (within the meaning of that Act) of the continuing fund;
(iv) either the other fund or the original fund was not a small superannuation fund just before the arrangement was made;
Ignore members who cannot transfer to a continuing fund 310-10(5)
(v) the continuing fund is not a small superannuation fund just after the earliest time when both the other fund and the original fund cease to have any members (within the meaning of that Act).
For the purposes of subsections (3) and (4), ignore an individual who remains a member of a *complying superannuation fund or *complying approved deposit fund because of circumstances beyond the control of the trustee of that fund.
S 310-10 inserted by No 19 of 2010, s 3 and Sch 2 item 1, effective 25 March 2010. For application provisions see note under Div 310 heading.
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