Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-32 - CO-OPERATIVES AND MUTUAL ENTITIES  

Division 315 - Demutualisation of private health insurers  

Subdivision 315-A - Capital gains and losses connected with a demutualisation of a private health insurer to be disregarded  

Rules for other entities

SECTION 315-30  

315-30   Other entities to disregard capital gains and losses related to demutualisation  

Disregard a *capital gain or *capital loss of an entity from a *CGT event if:

(a) the entity is established solely for the purpose of participating in a demutualisation to which this Division applies; and

(b) the entity is not a trust covered by Subdivision 315-C (about lost policy holders); and

(c) the CGT event:

(i) happened under a demutualisation to which this Division applies; and

(ii) happened before or at the same time as the allocation or distribution (in the form of shares or cash) of the accumulated surplus of the demutualising health insurer; and

(iii) was connected to that allocation or distribution.

Note:

The allocation or distribution of the accumulated surplus could happen through an arrangement involving more than one transaction.