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Schedule 2—Merging superannuation funds

Schedule 2 Merging superannuation funds

   

Income Tax Assessment Act 1997

1  Section 310-1 (note 1)

Omit “1 July 2017”, substitute “1 July 2020”.

2  Section 310-1 (note 2)

Omit “1 July 2019”, substitute “1 July 2022”.

Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012

3  Item 19 of Schedule 1

Omit “1 July 2017”, substitute “1 July 2020”.

Tax Laws Amendment (2009 Measures No. 6) Act 2010

4  Subsection 2(1) (table item 4)

Repeal the item, substitute:

4.  Schedule 2, Parts 4 and 5

1 July 2022.

1 July 2022

5  Subitem 11(1) of Schedule 2

Omit “1 July 2017”, substitute “1 July 2020”.

6  Application of amendments

The amendments made by items 1, 3 and 5 of this Schedule apply in relation to a transferring entity and a receiving entity if:

                     (a)  the condition in subsection 310-10(3), 310-15(3) or 310-20(3) of the Income Tax Assessment Act 1997 for those entities is satisfied; and

                     (b)  all of the transfer events (if any) referred to in subsection 310-45(2) of that Act for those entities happen;

during the period starting on 1 October 2011 and ending at the end of 1 July 2020.

Note 1:    The effect of paragraph (a) is that all of the members of the original fund will need to become members of a continuing fund during this period.

Note 2:    The effect of paragraph (b) is that the transferring fund needs to cease to hold all relevant assets during this period.