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CGT relief clears path for fund mergers
The Australian Institute of Superannuation Trustees (AIST) has been quick to welcome the passing of the Government's reforms granting capital gains tax relief for merging superannuation funds.
The bill extends relief on capital loss rollovers to 1 July 2017 to coincide with the end of the MySuper transition period and dates back to mergers that occurred before 1 October 2011.
AIST chief executive Fiona Reynolds said the bill's passing would allow funds that had put mergers on hold to proceed with plans. She said the Government had been pushing for industry consolidation.
"The industry has lobbied long and hard for the capital gains tax relief to be extended," she said. This meant that any funds that put merger plans on hold because of uncertainty can now proceed.
"MySuper has been the catalyst for the increase in merger activity in the last 18 months or so, so the passing of this bill means funds can continue down this path and pursue mergers where they are in the best interest of the fund and its members," Reynolds said.
The bill passed on the eve of the merger between Care Super and Asset Super, which went ahead on 27 October. The newly united fund announced Asset Super's members and pension accounts had successfully transferred into Care Super.
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