In media release No 2010/029, issued on 25 March 2010, the Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen, welcomed the commencement on that day of the amendments to provide loss relief for superannuation funds that merge. The measure was included in Tax Laws Amendment (2009 Measures No 6) Bill 2010 which was passed by the Australian Parliament on 11 March 2010 and received Royal Assent on 24 March 2010.
The loss relief measure removes significant income tax impediments to mergers between complying superannuation funds. These amendments will permit eligible entities to roll-over capital losses and revenue losses under the merger, and to transfer previously realised capital losses and revenue losses.
"This is a temporary measure in the light of uncertain conditions in the global economy and the global financial market turmoil that existed around the time the measure was announced, with limited application from 24 December 2008 until 30 June 2011," Mr Bowen said.