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Published on 29 Aug 13
by NATIONAL DIVISION, THE TAX INSTITUTE
It is the government’s policy to encourage the consolidation of large superannuation funds through mergers. However, this policy objective has not been assisted by the number of “road blocks” in the tax system that increase costs and make it more difficult for fund trustees to determine that mergers are in the best interests of their members. Although, there has recently been some relief via the ability to transfer losses and rollover capital assets, there are still many tax and duty issues that must be considered for a merger.
This presentation examines some of those issues, including:
in what circumstances, and for what structures, does the loss transfer and CGT asset rollover rules apply
tax consequences for the transfer of non-capital assets
issues arising out of the use of pooled superannuation trusts in mergers
what should be done if one fund values its assets on an after-tax basis and the other values it on a before-tax basis
issues arising out of deferred tax assets
no-TFN contribution issues
the “crystallisation” of members, benefits upon merger issue
the deductibility of merger costs for the transferee fund
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
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