Document ID: chunk:federal_register_of_legislation:C2012C00824:clause:2_19
Version: federal_register_of_legislation:C2012C00824
Segment Type: clause
Provision Reference: sch 2 cl 19
Character Range: 88366–90593

19  CGT roll‑over—transfer of MSB 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 CSC of its powers under section 18 of the Military Superannuation and Benefits Act 1991 in relation to the MSB Fund to operate a pooled superannuation trust, known as the ARIA Investments Trust, that is used for investing the assets of the MSB Fund.

Roll‑over
(2) There is a roll‑over if:
 (a) after 30 June 2011 and on or before 1 July 2012 (or such later date as is prescribed by the regulations), one or more CGT events happen because CSC ceases to hold CGT assets of the MSB Fund; and
 (b) because of the cessation, CGT assets (the identical assets) that, together, are identical to all the CGT assets of the MSB Fund just before the happening of the CGT events start to be held:
 (i) by the trustee (the transferee trustee) of the ARIA Investments Trust (whether or not all the identical assets were assets of the MSB Fund just before the CGT events); and
 (ii) after 30 June 2011 and on or before 1 July 2012 (or such later date as is prescribed by the regulations); and
 (c) the cessation is part of a scheme under which CGT assets of the MSB Fund are replaced with units in the ARIA Investments Trust.
Note: The transferee trustee may be CSC: see subsection 960‑100(3) of the Income Tax Assessment Act 1997.
(3) A capital gain or capital loss CSC 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 CSC 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 CSC 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.