Minister Releases Discussion Paper on Tax Relief for Merging Super Funds
Source: Australia. Minister for Superannuation and Corporate Law. Media Release.
"Senator Nick Sherry, Minister for Superannuation and Corporate Law, has released the Treasury discussion paper on the Government's measure to provide an optional capital gains tax (CGT) roll-over for superannuation funds that merge with other complying funds. Under the measure, the Government will provide optional CGT roll-over for capital losses arising from CGT events happening under a complying superannuation fund's merger with an APRA-regulated superannuation fund with at least five members before 1 July 2010. "Mergers of superannuation funds are one way to increase cost efficiencies in the super system or to "renovate the house" in superannuation system terms. Superannuation fund mergers can lead to improved economies of scale, including provision of more cost effective services to members and the Rudd Government is keen to remove barriers that would prevent such cost efficiencies from being achieved," Minister Sherry said."