(2) In working out the loss referred to in paragraph 31120(1)(d), *tax or the sum of the transferring entity’s deductions referred to in paragraph 31130(b), treat any amount: (a) that is an amount of a deduction for the transferring entity, or an amount of assessable income by the transferring entity, arising after the completion time; and (b) that arises as a result of realisation of assets for the purpose of enabling payment to the receiving entity in connection with the transfer of the default amount of the *accrued member; as if the amount of the deduction, or the amount of income, during the transfer year but before the completion time. Subdivision 311D—Consequences of choosing asset rollover Table of sections Assets rollover 31145 CGT assets 31150 Revenue assets 31155 Further consequences for rollovers involving life insurance companies 31140 Assets rollover (1) The transferring entity can choose an rollover for an asset in relation to which, under the a event happens *arrangement, *CGT if: (a) subsection (2) applies to the asset; and (b) an asset (the becomes an asset of one of the received asset) following (the as a result of the event: receiving entity) continuing fund for the choice; (ii) a superannuation trust in which units are held *pooled by the continuing fund for the choice just after the completion time; (iii) a insurance company with which a *life *complying superannuation life insurance policy is held by the
(2) In working out the *tax loss referred to in paragraph 31120(1)(d), or the sum of the transferring entity’s deductions referred to in paragraph 31130(b), treat any amount: (a) that is an amount of a deduction for the transferring entity, or an amount of assessable income by the transferring entity, arising after the completion time; and (b) that arises as a result of realisation of assets for the purpose of enabling payment to the receiving entity in connection with the transfer of the *accrued default amount of the member; as if the amount of the deduction, or the amount of income, during the transfer year but before the completion time. Subdivision 311D—Consequences of choosing asset rollover Table of sections Assets rollover 31145 CGT assets 31150 Revenue assets 31155 Further consequences for rollovers involving life insurance companies 31140 Assets rollover (1) The transferring entity can choose an rollover for an asset in relation to which, under the *arrangement, a *CGT event happens if: (a) subsection (2) applies to the asset; and (b) an asset (the received asset) becomes an asset of one of the following (the receiving entity) as a result of the event: continuing fund for the choice; (ii) a *pooled superannuation trust in which units are held by the continuing fund for the choice just after the completion time; (iii) a *life insurance company with which a *complying superannuation life insurance policy is held by the
Income_Tax_Assessment_Act_1997_Super_Extract-1.docx