Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-32
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CO-OPERATIVES AND MUTUAL ENTITIES
Division 315
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Demutualisation of private health insurers
Subdivision 315-C
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Lost policy holders trust
SECTION 315-155
Trustee assessed if assets dealt with not for benefit of lost policy holder
315-155(1)
This section applies in relation to a *capital gain from a *CGT event if:
(a) the CGT event happens in relation to an asset held by the trustee of a lost policy holders trust; and
(b) section 315-150 does not apply to the CGT event.
315-155(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.
View history note
Hide history noteThis section applies in relation to a *capital gain from a *CGT event if:
(a) the CGT event happens in relation to an asset held by the trustee of a lost policy holders trust; and
(b) section 315-150 does not apply to the CGT event.
315-155(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.
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