Commonwealth Consolidated Acts

SUPERANNUATION (CONSEQUENTIAL AMENDMENTS) ACT 2005 - SCHEDULE 7

Income Tax Assessment Act 1936

1   At the end of subsection 24AJ(1)

Add:

  ; (l)   any payment made under a scheme established by or under the Superannuation Act 2005 .

Income Tax Assessment Act 1997

2   At the end of subsection 55 - 5(1)

Add:

  ; (l)   Superannuation Act 2005 .

3   CGT roll - over--transfer of PSS 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 the Board of its powers under:

  (a)   section   22 of the Superannuation Act 1990 in relation to the PSS Fund; and

  (b)   section   20 of the Superannuation Act 2005 in relation to the PSSAP Fund;

to set up and/or operate a pooled superannuation trust that is used for investing the assets of the PSS Fund and the assets of the PSSAP Fund.

Roll - over

(2)   There is a roll - over if:

  (a)   one or more CGT events happen because the Board ceases to hold all of the CGT assets of the PSS Fund; and

  (b)   because of the cessation, CGT assets (the identical assets ) that, together, are identical to all the CGT assets of the PSS Fund just before the happening of the CGT events start to be held by the trustee (the transferee trustee ) of a pooled superannuation trust (whether or not all the identical assets were assets of the PSS Fund just before the CGT events); and

  (c)   the cessation is part of a scheme under which CGT assets of the PSS Fund are replaced with units in the pooled superannuation trust.

Note:   The transferee trustee may be the Board --see subsection 960 - 100(3) of the Income Tax Assessment Act 1997 .

(3)   A capital gain or capital loss the Board 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 the Board 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 the Board 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.

(8)   In this item:

Board has the same meaning as in the Superannuation Act 1990 .