Treasury has published an exposure draft of the Tax and Superannuation Laws Amendment (2014 Measures No. 7) Bill 2014: Providing Certainty For Superannuation Fund Mergers for consultation.

If passed the Bill will amend the ITAA 97 to ensure that where an individual’s benefits are involuntarily transferred to a new superannuation plan the individual will remain in the same taxation position, as if the transfer had not occurred.

Amendments to the TAA will also remove the need for the original superannuation plan to give a roll-over benefit statement to each former member, depositor or account holder affected by the transfer.

The amendments will apply in relation to superannuation benefits paid on or after 1 July 2015.