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Exposure Draft - Superannuation Funds Loss Roll-Over


Friday, 31 July 2009

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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

Facsimile: (02) 6263 4466

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

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) documents

 Acrobat (PDF)

Exposure Draft  72.23kb
Explanatory Memorandum - Exposure Draft  110.89kb
Consultation Summary  35.81kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Exposure Draft  237.90kb
Explanatory Memorandum - Exposure Draft  354.30kb
Consultation Summary  854.98kb

Related Items:

Optional Capital Gains Tax Roll Over for Complying Superannuation Funds with Capital Losses - 16/01/2009
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Submissions: Exposure Draft - Superannuation Funds Loss Roll-Over - 14/09/2009

Treasury has received thirteen submissions in response to the exposure draft on Superannuation Funds Loss Roll-Over. Twelve of these are public submissions, and there is one confidential submission. The public submissions are listed below and are accessible by selecting the author.

The opinions expressed in the submissions are those of the authors and do not necessarily reflect the views of the Government or the Treasury.

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