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 316
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Demutualisation of friendly society health or life insurers
Subdivision 316-F
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Non-CGT consequences of the demutualisation
Guide to Subdivision 316-F
SECTION 316-250 What this Subdivision is about
View history note
Hide history noteSECTION 316-250 What this Subdivision is about
In many cases, income from demutualisation is assessed through the CGT provisions rather than as ordinary income or other statutory income.
Franking debits arise for the friendly society and its subsidiaries to ensure they do not enjoy a franking surplus. Franking debits and credits arise to negate credits and debits from things attributable to the time before demutualisation.
| 316-255 | General taxation consequences of issue of demutualisation assets etc. |
| 316-260 | Franking debits to stop the friendly society and its subsidiaries having franking surpluses |
| 316-265 | Franking debits to negate franking credits from some distributions to friendly society and subsidiaries |
| 316-270 | Franking debits to negate franking credits from post-demutualisation payments of pre-demutualisation tax |
| 316-275 | Franking credits to negate franking debits from refunds of tax paid before demutualisation |
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