Document ID: chunk:federal_register_of_legislation:C2019C00214:clause:1_1:p5
Version: federal_register_of_legislation:C2019C00214
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 5/7)
Character Range: 21056–23822

(a) that is a *capital loss or *capital gain that the transferring entity makes after the completion time; and
 (b) that arises as a result of realisation of assets for the purpose of enabling payment to the receiving entity in connection with the transfer of the *accrued default amount of the member;
as if the loss or gain were made during the transfer year but before the completion time.
 (2) In working out the *tax loss referred to in paragraph 311‑20(1)(d), or the sum of the transferring entity's deductions referred to in paragraph 311‑30(b), treat any amount:
 (a) that is an amount of a deduction for the transferring entity, or an amount of assessable income by the transferring entity, arising after the completion time; and
 (b) that arises as a result of realisation of assets for the purpose of enabling payment to the receiving entity in connection with the transfer of the *accrued default amount of the member;
as if the amount of the deduction, or the amount of income, arose during the transfer year but before the completion time.

Subdivision 311‑D—Consequences of choosing asset roll‑over

Table of sections
311‑40 Assets roll‑over
311‑45 CGT assets
311‑50 Revenue assets
311‑55 Further consequences for roll‑overs involving life insurance companies

311‑40  Assets roll‑over
 (1) The transferring entity can choose an asset roll‑over for an asset in relation to which, under the *arrangement, a *CGT event happens if:
 (a) subsection (2) applies to the asset; and
 (b) an asset (the received asset) becomes an asset of one of the following (the receiving entity) as a result of the event:
 (i) the continuing fund for the choice;
 (ii) a *pooled superannuation trust in which units are held by the continuing fund for the choice just after the completion time;
 (iii) a *life insurance company with which a *complying superannuation/FHSA life insurance policy is held by the continuing fund for the choice just after the completion time.
 (2) The asset is an asset to which this subsection applies (an original asset) if:
 (a) in a case where the entity choosing under Subdivision 311‑B is a trustee of a *complying superannuation fund—the asset is reasonably attributable to the *accrued default amount of the member; or
 (b) in a case where the entity choosing under Subdivision 311‑B is a *life insurance company—the asset is reasonably attributable to:
 (i) the accrued default amount of the member; and
 (ii) a *complying superannuation/FHSA life insurance policy issued by the transferring entity 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