The Government on Mon 22.4.2013, released for comment draft legislation to implement its April 2012 announcement that it would provide income tax relief to ensure default members of superannuation funds are not adversely affected if their account balances are mandatorily transferred to another fund as a result of the MySuper reforms.
The ITAA 1997 would be amended so that realised capital and tax losses could be transferred from a complying super fund, a life insurance company or a PST to another entity where members’ account balances have been mandatorily transferred to a MySuper product in another superannuation fund. The proposed changes would also provide that income tax consequences could be deferred where an asset is transferred from a complying superannuation fund, a life insurance company or a PST to another entity where members’ account balances have been mandatorily transferred to a MySuper product in another superannuation fund.
COMMENTS are due by 3 May 2013.
[LTN 75, 22/4/13]