Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 310 - Loss relief for merging superannuation funds  

Subdivision 310-D - Choice for assets roll-over  

SECTION 310-45   Choosing the assets roll-over  

310-45(1)  
An entity can choose a roll-over under this Subdivision if:


(a) the entity makes or could make a choice under Subdivision 310-B (the losses choice ) to transfer the losses of an entity (the transferring entity ); and


(b) the conditions in this section are satisfied for the *arrangement to which the losses choice relates.

310-45(2)  
The first condition is that, under the *arrangement, one or more *CGT events (the transfer events ) happen in relation to the following assets (the original assets ) of the transferring entity with the result that it ceases to own those assets:


(a) for a losses choice under section 310-10 (original funds) - all of its *CGT assets;


(b) for a losses choice under section 310-15 (life insurance companies) - all of its CGT assets reasonably attributable to the *complying superannuation life insurance policy held by the original fund for the losses choice just before the arrangement was made;


(c) for a losses choice under section 310-20 (pooled superannuation trusts) - all of its CGT assets reasonably attributable to the units in that entity held by the original fund for the losses choice just before the arrangement was made.

310-45(3)  
The second condition is that the transfer events all happen in the income year (the transfer year ) for the transferring entity that includes the completion time for the losses choice.

310-45(4)  
The third condition is that, for each transfer event, an asset (the received asset ) becomes an asset of one of the following (the receiving entity ) as a result of the event:


(a) a continuing fund for the losses choice;


(b) a *pooled superannuation trust in which units are held by a continuing fund for the losses choice just after the completion time;


(c) a *life insurance company with which a *complying superannuation life insurance policy is held by a continuing fund for the losses choice just after the completion time.

310-45(5)  
For the purposes of subsection (2), ignore any *CGT assets retained by the transferring entity:


(a) to pay its existing or expected debts relating to the *arrangement; or


(b) to meet its liabilities relating to individuals who have remained members (within the meaning of the Superannuation Industry (Supervision) Act 1993 ) of the original fund because of circumstances beyond the control of the trustee of that fund.


 

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