Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-32 - CO-OPERATIVES AND MUTUAL ENTITIES  

Division 316 - Demutualisation of friendly society health or life insurers  

Subdivision 316-D - Lost policy holders trust  

Effects of CGT events happening to interests and assets in trust

SECTION 316-175   Trustee assessed if shares or rights dealt with not for benefit of beneficiary of lost policy holders trust  

316-175(1)    
This section applies in relation to a *capital gain from a *CGT event if:

(a) the CGT event happens in relation to a demutualisation asset that:

(i) is a *share or a right to *acquire a share; and

(ii) is held by the trustee of a lost policy holders trust; and

(b) section 316-170 does not apply to the CGT event.

316-175(2)    

If this section applies:

(a) sections 115-215 and 115-220 do not apply in relation to the *capital gain; and

(b) for the purposes of this Act, the trustee is taken to be *specifically entitled to all of the capital gain.

316-175(3)    
(Repealed by No 62 of 2011)