Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 310 - Loss relief for merging superannuation funds  

Subdivision 310-C - Consequences of choosing to transfer losses  

SECTION 310-30   Losses that can be transferred  

310-30(1)  
The transferring entity ' s losses that can be transferred are:


(a) any of its *net capital losses for income years earlier than the income year for the transferring entity that includes the completion time (the transfer year ), to the extent that it was not *utilised before the completion time (an earlier year net capital loss ); and


(b) any net capital loss it would have made for the transfer year were the transfer year to have ended at the completion time (a transfer year net capital loss ); and


(c) any of its *tax losses for income years earlier than the transfer year, to the extent that it was not utilised before the completion time (an earlier year tax loss ); and


(d) any tax loss it would have incurred for the transfer year were the transfer year to have ended at the completion time (a transfer year tax loss );

worked out subject to the modifications set out in this section.

Note:

If the entity choosing to transfer losses also chooses an asset roll-over under Subdivision 310-D for the same arrangement, none of the transfer events for the roll-over will contribute towards a loss transferred under this Subdivision (see subsections 310-55(1) , 310-60(3) , 310-65(1) and 310-70(1) ).

310-30(2)  


For a choice under section 310-15 (life insurance companies), work out those losses by only considering the following to the extent that they relate to assets reasonably attributable to a *complying superannuation life insurance policy issued by the transferring entity and held by the original fund:


(a) *capital gains from *complying superannuation assets;


(b) *capital losses from complying superannuation assets;


(c) assessable income covered by subsection 320-137(2) (about complying superannuation assets);


(d) deductions covered by subsection 320-137(4) (about complying superannuation assets).

310-30(3)  
For a choice under section 310-20 (pooled superannuation trusts), work out those losses by only considering *capital gains, *capital losses, assessable income and deductions to the extent that they relate to assets reasonably attributable to units in the transferring entity held by the original fund.


 

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