Document ID: chunk:federal_register_of_legislation:C2019C00214:clause:1_1:p1
Version: federal_register_of_legislation:C2019C00214
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 1/7)
Character Range: 10723–13712

1  After Division 310
Insert:

Division 311—Loss relief and asset roll‑over for transfer of amounts to a MySuper product

Table of Subdivisions
 Guide to Division 311
311‑A Object of this Division
311‑B Choosing loss transfers and asset roll‑overs
311‑C Consequences of choosing to transfer losses
311‑D Consequences of choosing asset roll‑over
311‑E Choices

Guide to Division 311

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 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.
Note 1: This Division and associated provisions will be repealed on 2 July 2019: see Part 3 of Schedule 1 to the Superannuation Laws Amendment (MySuper Capital Gains Tax Relief and Other Measures) Act 2013.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.

Operative provisions

Subdivision 311‑A—Object of this Division

Table of sections
311‑5 Object

311‑5  Object
  The object of this Division is to ensure that default members of *complying superannuation funds are not adversely affected if their *accrued default amounts are compulsorily transferred to MySuper products in other complying superannuation funds.

Subdivision 311‑B—Choosing loss transfers and asset roll‑overs

Table of sections
311‑10 Certain entities can choose transfer of losses, asset roll‑overs, or both

311‑10  Certain entities can choose transfer of losses, asset roll‑overs, or both
 (1) If an *arrangement is made for which the conditions in this section are satisfied, a trustee of a *complying superannuation fund, a *life insurance company or a trustee of a *pooled superannuation trust (the transferring entity) 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.

Entity must hold certain assets
 (2) The first condition is satisfied if, just before the *arrangement was made:
 (a) for an entity that is a trustee of a *complying superannuation fund (the original fund)—its assets included assets other than:
 (i) a *complying superannuation/FHSA life insurance policy; or
 (ii) units in a *pooled superannuation trust; or
 (b) for an entity that is a *life insurance company—a complying superannuation/FHSA life insurance policy issued by the entity was held by a complying superannuation fund (the original fund); or
 (c) for an entity that is a trustee of a *pooled superannuation trust—units in the entity were held by a complying superannuation fund (the original fund).

Transfer of accrued default