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On 26 August 2009, the Taxation Institute lodged a submission with Treasury in relation to the Exposure Draft of Tax Laws Amendment (2009 Measures No 6) Bill 2009: Loss roll-over for merging superannuation funds, that was issued on 31 July 2009.

The Taxation Institute would welcome a further extension of the relief to the following situations which are not encompassed in the proposed provisions.

  • Mergers where the transferee fund is a small superannuation fund;
  • Mergers where employers wish to make bulk transfers from large funds; and
  • Situations where a fund holds all its assets in pooled investments and wishes to change providers.
In addition, the Taxation Institute has proposed a change to the conditions under which the relief is available, to allow for situations where a fund must continue to maintain members in respect of whom insurance claims are outstanding or other litigation pending.

For a copy of the submission, go here.

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