The exposure draft legislation takes into account several of the issues raised by stakeholders in the consultation on the policy design of this measure. The changes that have been made to the income tax relief for mergers of superannuation funds include:
- backdating the relief to apply from 1 October 2011;
- extending the relief to all revenue assets regardless of the net position of the entity; and
- removing the 12 month integrity rule which prevents certain losses from being transferred.
“These changes which have been developed after listening to the views of stakeholders will give merging funds greater flexibility and reduce their administrative and compliance costs,” Mr Shorten said.
The draft legislation and draft explanatory memorandum can be found on the treasury website http://www.treasury.gov.au/ConsultationsandReviews/Submissions/2012/Tax-relief-for-merging-superannuation-funds.
Submissions on the exposure draft close on 24 August 2012.
Mr Shorten’s Media Contact: Sam Casey 0421 697 660