Schedule 2 — Merging superannuation funds

Income Tax Assessment Act 1997

1  Section 310-1 (notes 1 and 2)

Repeal the notes, substitute:

Note:          This Division applies to mergers happening between 24 December 2008 and 30 June 2011 (or, in certain cases, 30 September 2011), or mergers happening on or after 1 October 2011 (see Part 3 of Schedule 2 to the Tax Laws Amendment (2009 Measures No. 6) Act 2010 ).

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

2  Item 19 of Schedule 1

Omit “during the period starting on 1 October 2011 and ending at the end of 1 July 2020”, substitute “on or after 1 October 2011”.

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

3  Subsection 2(1) (table item 4)

Repeal the item.

4  Subitem 11(1) of Schedule 2

Omit “during the period starting on 1 October 2011 and ending at the end of 1 July 2020”, substitute “on or after 1 October 2011”.

5  Subitem 11(1) of Schedule 2 (notes 1 and 2)

Omit “this period”, substitute “the period or on or after 1 October 2011”.

6  Parts 4 and 5 of Schedule 2

Repeal the Parts.

7  Application of amendments

The amendments made by items 1, 2, 4 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 on or after 1 October 2011; and

                     (b)  all of the transfer events (if any) referred to in subsection 310-45(2) of that Act for those entities happen on or after 1 October 2011.

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 on or after 1 October 2011.

Note 2:    The effect of paragraph (b) is that the transferring entity needs to cease to hold all relevant assets on or after 1 October 2011.