Document ID: chunk:federal_register_of_legislation:C2020C00244:clause:2_1:p10
Version: federal_register_of_legislation:C2020C00244
Segment Type: clause
Provision Reference: sch 2 cl 1 (pt 10/11)
Character Range: 56033–58557

relevant transfer event are taken to be the amount (the deemed proceeds) the transferring entity would need to have received in order to have a nil profit and nil loss for the event.
Note: This section only applies if it is chosen to apply under subsection 310‑50(2).

Consequences for receiving entity
 (2) For each of the received assets to which this section applies, the receiving entity is taken, for the purposes of this Act, to have paid an amount for that asset at the time of the transfer event that is equal to the deemed proceeds for the corresponding original asset.

310‑70  Revenue assets—individual asset approach

Consequences for transferring entity
 (1) If the transferring entity incurs a *tax loss for a transfer event relating to an original asset to which this section applies, the entity choosing the roll‑over can choose for the transferring entity's gross proceeds for the event to be taken to be the amount (the deemed proceeds) the transferring entity would need to have received in order to have a nil profit and nil loss for the event.
Note: This section does not apply if section 310‑65 (global asset approach) is chosen to apply under subsection 310‑50(2).

Consequences for receiving entity
 (2) If a choice is made under subsection (1), the receiving entity is taken to have paid an amount for the corresponding received asset at the time of the transfer event that is equal to the deemed proceeds for the event.

         310‑75  Further consequences for roll‑overs involving life insurance companies
 (1) Section 320‑200 (about consequences of transferring assets to or from a complying superannuation/FHSA asset pool) does not apply for a transfer event for the roll‑over if either the transferring entity or the receiving entity is a *life insurance company.
 (2) If the receiving entity for the roll‑over is a *life insurance company, each received asset of that entity is taken:
 (a) to be a *complying superannuation/FHSA asset of that entity; and
 (b) not to be, in whole or in part, a *life insurance premium.

Subdivision 310‑F—Choices

Table of sections
310‑85 Choices

310‑85  Choices
 (1) A choice under this Division must be made:
 (a) by the day the transferring entity's *income tax return is lodged for the transfer year for the entity; or
 (b) within a further time allowed by the Commissioner.
 (2) The way the transferring entity's *income tax return is prepared is sufficient evidence of the making of the choice.

Part 2—Other amendments

Income Tax Assessment Act 1997