Exposure Draft - Superannuation Funds Loss Roll-Over

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On 23 December the then Minister for Superannuation and Corporate Law announced that the Government will provide an optional capital gains tax (CGT) roll-over for capital losses arising from a complying superannuation fund's merger with an APRA regulated superannuation fund with at least five members. Following public consultation on the policy design of this measure, the then Minister for Superannuation and Corporate Law announced further changes to expand the scope of this measure on 29 April 2009.

The Government has now developed draft legislation to implement this measure. An exposure draft of the legislation is now available.

• Although not available yet, a draft explanatory memorandum will also be publicly released for public consultation within the next couple of weeks to provide further guidance on how the draft legislation may operate.*

Making a submission

Interested parties are invited to comment on the exposure draft. While submissions may be lodged electronically, by post or by facsimile, electronic lodgment is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence.  Automatically generated confidentiality statements in emails do not suffice for this purpose.  Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.  A request made under the Freedom of Information Act 1982 (Commonwealth) for a submission marked 'confidential' to be made available will be determined in accordance with that Act.

Closing date for submissions: Friday, 28 August 2009

Address written submissions to:
The General Manager
Business Tax Division
The Treasury
Langton Crescent
PARKES  ACT  2600

Email:  cgt_super_roll-over@treasury.gov.au

Facsimile: (02) 6263 4466

Other enquires may be directed to:
Nicholas Backhouse
Capital Gains Tax Unit
Business Tax Division
The Treasury
Langton Crescent
PARKES ACT 2600

Phone: (02) 6263 3241

*At the time the draft legislation was released on 31 July 2009 this site indicated that the draft explanatory memorandum was not yet available and would be released within a couple of weeks after that date. The draft explanatory memorandum was released on this site 17 August 2009 and is available below.

Documents Available:

 Acrobat (PDF)

 Microsoft Word (RTF)

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