Tax Laws Amendment (2009 Measures No. 2) Act 2009 (42 of 2009)

Schedule 1   Tax treatment of payments under financial claims scheme

Income Tax (Transitional Provisions) Act 1997

29   At the end of Part 3-35

Add:

Division 322 Assistance for policyholders with insolvent general insurers

Table of Subdivisions

322-B Tax treatment of entitlements under financial claims scheme

Subdivision 322-B - Tax treatment of entitlements under financial claims scheme

Table of sections

322-25 Application of section 322-25 of the Income Tax Assessment Act 1997

322-30 Application of section 322-30 of the Income Tax Assessment Act 1997

322-25 Application of section 322-25 of the Income Tax Assessment Act 1997

Section 322-25 of the Income Tax Assessment Act 1997 applies to amounts paid or applied before, on or after the commencement of that section to meet entitlements arising under Part VC of the Insurance Act 1973 after 17 October 2008.

Note: Part VC of the Insurance Act 1973 commenced on 18 October 2008.

322-30 Application of section 322-30 of the Income Tax Assessment Act 1997

Section 322-30 of the Income Tax Assessment Act 1997 applies to CGT events happening after 17 October 2008.