Income Tax Assessment Act 1997
No 158 of 2012 (as amended by No 23 of 2018 and No 49 of 2020), s 3 and Sch 1 item 19 contains the following application provision:
on or after 1 October 2011. 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.
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;
on or after 1 October 2011.
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.
The main object of this Division is to facilitate the consolidation of the superannuation industry by allowing certain merging *superannuation funds to retain the value, for income tax purposes, of certain losses that might otherwise cease to be able to be utilised as a result of the merger.
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