On 23 December 2008, the then Minister for Superannuation and Corporate Law announced that the Government will provide an optional CGT roll-over for capital losses arising from a complying superannuation fund's merger with an APRA regulated superannuation fund with at least five members. Following public consultation on the policy design of this measure, the then Minister for Superannuation and Corporate Law announced further changes to expand the scope of this measure on 29 April 2009.
On 31 July 2009, Treasury released an Exposure Draft of the proposed legislation. Although not available yet, a draft explanatory memorandum will also be publicly released for public consultation within the next couple of weeks to provide further guidance on how the draft legislation may operate.
The closing date for submissions is Friday, 28 August 2009.
For a copy of the Exposure Draft, go here