Document ID: chunk:federal_register_of_legislation:C2017A00094:clause:2_2
Version: federal_register_of_legislation:C2017A00094
Segment Type: clause
Provision Reference: sch 2 cl 2
Character Range: 16805–18058

2  Section 311‑1
Repeal the section, substitute:

311‑1  What this Division is about

      This Division provides tax relief for certain entities if a member's accrued default amount is required to be transferred to a MySuper product.
      If the transfer is to a MySuper product in another complying superannuation fund, a trustee of a complying superannuation fund, a life insurance company, or a trustee of a pooled superannuation trust, that satisfies certain conditions can:
             (a) choose to transfer a loss; or
             (b) choose an asset roll‑over; or
             (c) choose to transfer a loss and choose an asset roll‑over.
      If the transfer is to a MySuper product in the same complying superannuation fund, a trustee of the complying superannuation fund, a life insurance company, a trustee of a pooled superannuation trust, or the trustee of an interposed trust, that satisfies certain conditions can choose an asset roll‑over.
Note 1: This Division will be repealed on 2 July 2019: see Part 3 of Schedule 1 to the Superannuation Laws Amendment (MySuper Capital Gains Tax Relief and Other Measures) Act 2013.
Note 2: Part 2C of the Superannuation Industry (Supervision) Act 1993 provides rules about MySuper products.