Document ID: chunk:federal_register_of_legislation:C2005A00078:clause:2_2:p1
Version: federal_register_of_legislation:C2005A00078
Segment Type: clause
Provision Reference: sch 2 cl 2 (pt 1/3)
Character Range: 3382–6108

2  At the end of Division 126
Add:

Subdivision 126‑F—Transfer of assets of superannuation funds to meet licensing requirements

Guide to Subdivision 126‑F

126‑200  What this Subdivision is about

      There is a roll‑over for the transfer of assets of a superannuation fund to one or more other superannuation funds that is made between 30 June 2004 and 1 July 2006 because the trustee of the first fund will not be licensed by 1 July 2006 and the other funds have or will have licensed trustees.

Table of sections

Operative provisions

126‑205 Object of this Subdivision
126‑210 When there is a roll‑over and what its effects are

Operative provisions

126‑205  Object of this Subdivision

  The object of this Subdivision is to encourage compliance with the requirements of the Superannuation Industry (Supervision) Act 1993 for the licensing of trustees of registrable superannuation entities.

126‑210  When there is a roll‑over and what its effects are

When there is a roll‑over

 (1) There is a roll‑over if:
 (a) after 30 June 2004 and before 1 July 2006, one or more *CGT events happen because the trustee (the first RSE trustee) of a registrable superannuation entity, as defined in section 10 of the Superannuation Industry (Supervision) Act 1993, ceases to hold all its *CGT assets; and
 (b) because of the cessation, CGT assets (the identical assets) that, together, are identical to all the first RSE trustee's CGT assets just before the CGT events start to be held after 30 June 2004 and before 1 July 2006 by:
 (i) the trustee (the successor RSE trustee) of another such registrable superannuation entity; or
 (ii) the trustees (each of whom is a successor RSE trustee) of 2 or more other such registrable superannuation entities;
  (whether or not all the identical assets were the first RSE trustee's assets just before the CGT events); and
 (c) the cessation and starting occur because:
 (i) it is reasonable to assume that the first RSE trustee will not have an RSE licence under Part 2A of that Act by 1 July 2006; and
 (ii) each successor RSE trustee has such an RSE licence, or it is reasonable to assume that each successor RSE trustee will have such an RSE licence by 1 July 2006.

Note: Under section 10 of the Superannuation Industry (Supervision) Act 1993, registrable superannuation entity is defined as covering certain kinds of superannuation funds, approved deposit funds and pooled superannuation trusts.

Effects of the roll‑over

 (2) A *capital gain or *capital loss the first RSE trustee makes from each of the *CGT events is disregarded.

 (3) For a successor RSE trustee, the first element of the *cost base of each of the identical assets the successor RSE trustee holds is