Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-3 - CAPITAL GAINS AND LOSSES: SPECIAL TOPICS  

Division 126 - Same-asset roll-overs  

Subdivision 126-E - Entitlement to shares after demutualisation and scrip for scrip roll-over  

Operative provisions

SECTION 126-190  

126-190   When there is a roll-over  

There is a roll-over if:

(a) an insurance company demutualises; and

(b) the trustee of a trust holds a *share issued under the demutualisation in trust for an entity to whom the share would have been issued if the entity could, and were in a position to, prove the entity's entitlement to the share; and

(c) the trustee obtains a roll-over under Subdivision 124-M of this Act (Scrip for scrip roll-over) for the share because the trustee exchanges the share for a share (the replacement share ) in another company (whether or not the trustee receives something in addition to the replacement share); and

(d) a *CGT event happens in relation to the replacement share because the entity becomes absolutely entitled to the share as against the trustee.

Note:

This Subdivision does not apply to the demutualisation of a private health insurer: see section 315-160 .