Funds get rollover relief
The Federal Government has removed one of the barriers regarded as inhibiting superannuation fund mergers.
The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen, said legislative amendments that gained Royal Assent this week would provide loss relief for superannuation funds that merged.
He said the loss relief measures would allow eligible entities to rollover capital losses and revenue losses under a merger and to transfer previously realised capital losses and revenue losses.
Bowen said it represented a temporary measure reflecting the uncertain conditions in the global economy and would run until June 30, next year.
AUTHOR
Mike Taylor
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