Document ID: chunk:federal_register_of_legislation:C2006A00051:clause:1_79
Version: federal_register_of_legislation:C2006A00051
Segment Type: clause
Provision Reference: sch 1 cl 79
Character Range: 23288–25510

79  CGT roll‑over—transfer of CSS Fund assets to pooled superannuation trust

Object

(1) The object of this item is to provide for a CGT roll‑over so as to facilitate the exercise by the Australian Reward Investment Alliance of its powers under section 27C of the Superannuation Act 1976 in relation to the CSS Fund to operate a pooled superannuation trust, known as the PSS Investments Trust, that is used for investing the assets of the CSS Fund.

Roll‑over

(2) There is a roll‑over if:
 (a) one or more CGT events happen because the Australian Reward Investment Alliance ceases to hold all of the CGT assets of the CSS Fund; and
 (b) because of the cessation, CGT assets (the identical assets) that, together, are identical to all the CGT assets of the CSS Fund just before the happening of the CGT events start to be held by the trustee (the transferee trustee) of the PSS Investments Trust (whether or not all the identical assets were assets of the CSS Fund just before the CGT events); and
 (c) the cessation is part of a scheme under which CGT assets of the CSS Fund are replaced with units in the PSS Investments Trust.

Note: The transferee trustee may be the Australian Reward Investment Alliance: see subsection 960‑100(3) of the Income Tax Assessment Act 1997.

(3) A capital gain or capital loss the Australian Reward Investment Alliance makes from each of the CGT events is disregarded.

(4) For the transferee trustee, the first element of the cost base of each of the identical assets the transferee trustee holds is the cost base of the corresponding asset for the Australian Reward Investment Alliance at the time of the relevant CGT event.

(5) For the transferee trustee, the first element of the reduced cost base of each of the identical assets the transferee trustee holds is the reduced cost base of the corresponding asset for the Australian Reward Investment Alliance at the time of the relevant CGT event.

(6) For the purposes of the Income Tax Assessment Act 1997, a roll‑over covered by this item is taken to be a same‑asset roll‑over.

Interpretation

(7) An expression used in this item and in the Income Tax Assessment Act 1997 has the same meaning in this item as it has in that Act.