Document ID: chunk:federal_register_of_legislation:C2019C00214:clause:1_1:p6
Version: federal_register_of_legislation:C2019C00214
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 6/7)
Character Range: 23585–26159

and held by the original fund; or
 (c) in a case where the entity choosing under Subdivision 311‑B is a trustee of a *pooled superannuation trust—the asset is reasonably attributable to:
 (i) the accrued default amount of the member; and
 (ii) units in a pooled superannuation trust issued by the transferring entity and held by the original fund.

311‑45  CGT assets
  If the roll‑over is chosen:
 (a) disregard any *capital gain or *capital loss the transferring entity makes from transferring an original asset to the receiving entity; and
 (b) the first element of the received asset's *cost base, in the hands of the receiving entity, is the transferring entity's cost base just before the time of the *CGT event; and
 (c) the first element of the received asset's *reduced cost base, in the hands of the receiving entity is worked out similarly.

311‑50  Revenue assets

Consequences for transferring entity
 (1) For each of the original assets that are *revenue assets, the transferring entity's gross proceeds for the relevant *CGT event are taken, for the purposes of this Act, to be the amount (the deemed proceeds) the transferring entity would need to have received in order to have a nil profit and nil loss for the event.

Consequences for receiving entity
 (2) For each of the received assets that are *revenue assets, the receiving entity is taken, for the purposes of this Act, to have incurred an amount for that asset at the time of the *CGT event that is equal to the deemed proceeds for the corresponding original asset.

311‑55  Further consequences for roll‑overs involving life insurance companies
 (1) Section 320‑200 does not apply for a *CGT event for the roll‑over if either the transferring entity or the receiving entity is a *life insurance company.
Note: Section 320 is about the consequences of transferring assets to or from a complying superannuation/FHSA asset pool.
 (2) If the receiving entity for the roll‑over is a *life insurance company, each received asset of that entity is taken:
 (a) to be a *complying superannuation/FHSA asset of that entity; and
 (b) not to be, in whole or in part, a *life insurance premium.

Subdivision 311‑E—Choices

Table of sections
311‑60 Choices

311‑60  Choices
 (1) A choice under this Division must be made:
 (a) by the day the transferring entity's *income tax return is lodged for the transfer year for the entity; or
 (b) within a further time allowed by the Commissioner.
 (2) The way the transferring entity's *income tax return is prepared is sufficient evidence of the making of the choice.