Document ID: chunk:federal_register_of_legislation:C2020C00244:clause:2_1:p7
Version: federal_register_of_legislation:C2020C00244
Segment Type: clause
Provision Reference: sch 2 cl 1 (pt 7/11)
Character Range: 48241–51016

entity is not a life insurance company—the sum of the transferring entity's deductions for the transfer year is reduced by an amount equal to the transferred amount; and
 (c) if the receiving entity is a life insurance company—an amount equal to the transferred amount is taken to be a *tax loss of the *complying superannuation/FHSA class incurred by the receiving entity for the transfer year; and
 (d) if the receiving entity is not a life insurance company—an amount equal to the transferred amount is taken to be a tax loss incurred by the receiving entity for the transfer year.

Subdivision 310‑D—Choice for assets roll‑over

Table of sections
310‑45 Choosing the assets roll‑over
310‑50 Choosing the form of the assets roll‑over

310‑45  Choosing the assets roll‑over
 (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.
 (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/FHSA 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.
 (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.
 (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/FHSA life insurance policy is held by a continuing fund for the losses choice just after the completion time.
 (5) For the purposes of subsection (2), ignore any *CGT assets retained by the transferring entity:
 (a)