The Superannuation Laws Amendment (MySuper Capital Gains Tax Relief and Other Measures) Bill 2013 was introduced in the House of Reps today.
It contains the following amendments:
- would amend the ITAA 1997 to facilitate the Government’s MySuper reforms by providing income tax relief to superannuation funds where there is a mandatory transfer of default members’ account balances to a MySuper product in another superannuation fund. The amendments seek to ensure that a complying super fund that mandatorily transfers account balances of default members to other funds under the MySuper reforms can: (i) transfer realised capital and tax losses to other entities; and (ii) defer an income tax liability for assets transferred to other entities so that a liability will not arise until an ultimate disposal of the asset by the other entity. DATE OF EFFECT: would apply to the income year of the super fund that includes 1 July 2013 and the following income years if the accrued default amounts of members are transferred between 1 July 2013 and 1 July 2017;
- would amend the Defence Force Retirement and Death Benefits Act 1973 to make consequential changes to enable the Commonwealth Superannuation Corporation to pay amounts and to adjust the benefits under the Defence Force Retirement and Death Benefits scheme to reflect those payments. DATE OF EFFECT: would apply from the later of Royal Assent of the Bill and Royal Assent of the Tax and Superannuation Laws Amendment (Increased Concessional Contributions Cap and Other Measures) Bill 2013.
[LTN 102, 29/5/13]