SCHEDULE 2H
-
DEMUTUALISATION OF MUTUAL ENTITIES OTHER THAN INSURANCE COMPANIES AND HEALTH INSURERS
Division 326
-
DEMUTUALISATION
History
Div 326 inserted by No 103 of 1999.
Subdivision 326-L
-
CGT consequences of payment to member of demutualised entity out of accumulated surplus of the entity
History
Subdiv 326-L inserted by No 103 of 1999.
SECTION 326-225
326-225
PAYMENT OUT OF ASSETS OF DEMUTUALISED ENTITY THAT IS NOT INCLUDED IN ASSESSABLE INCOME IS TAKEN NOT TO BE A DIVIDEND
If:
(a)
a payment out of the assets of a demutualised entity is made to a taxpayer who holds shares or an interest in shares in the entity; and
(b)
the amount paid is a dividend that is not included in the taxpayer
'
s assessable income;
the payment is taken, for the purposes of section
104-135
of the
Income Tax Assessment Act 1997
, not to be the payment of a dividend.
History
S 326-225 amended by
No 101 of 2006
, s 3 and Sch 2 item 565, by amending references to repealed inoperative provisions, effective 14 September 2006. For application and savings provisions see the
CCH Australian Income Tax Legislation archive
.
S 326-225 inserted by No 103 of 1999.