06 Aug 12 Release of Exposure Draft Legislation for taxation relief for mergers of superannuation funds
In media release No 2012/046, issued 3 August 2012, the Minister for Employment and Workplace Relations and Minister for Financial Services and Superannuation, Bill Shorten, announced the release of exposure draft legislation on the income tax relief for merging superannuation funds for public comment.
The exposure draft legislation takes into account several of the issues raised by stakeholders in the consultation on the policy design of this measure. The changes that have been made to the income tax relief for mergers of superannuation funds include:
- backdating the relief to apply from 1 October 2011;
- extending the relief to all revenue assets regardless of the net position of the entity; and
- removing the 12 month integrity rule which prevents certain losses from being transferred.
Submissions on the exposure draft close on Friday 24 August 2012.