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
Recommended for you
Despite the year almost at an end, advisers have been considerably active in licensee switching this week while the profession has reported a slight uptick in numbers.
AMP has agreed in principle to settle an advice and insurance class action that commenced in 2020 related to historic commission payment activity.
BT has kicked off its second annual Career Pathways Program in partnership with Striver, almost doubling its intake from the inaugural program last year.
Kaplan has launched a six-week intensive program to start in January, targeting advisers who are unlikely to meet the education deadline but intend to return to the profession once they do.
