Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-35
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INSURANCE BUSINESS
Division 320
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Life insurance companies
Subdivision 320-I
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Transfers of business
Operative provisions
SECTION 320-325 Friendly societies 320-325(1)
This section has effect if the originating company and the recipient company were *friendly societies just before the transfer took place.
320-325(2)
For the purposes of paragraph 320-37(1) (d), an *income bond, *funeral policy, *sickness policy or *scholarship plan issued by the recipient company in substitution for an income bond, funeral policy, sickness policy or scholarship plan (the original policy ) transferred from the originating company is taken to have been issued at the time the original policy was issued if the terms of the substituted policy are not materially different from those of the original policy.
View history note
Hide history noteSECTION 320-325 Friendly societies 320-325(1)
This section has effect if the originating company and the recipient company were *friendly societies just before the transfer took place.
320-325(2)
For the purposes of paragraph 320-37(1) (d), an *income bond, *funeral policy, *sickness policy or *scholarship plan issued by the recipient company in substitution for an income bond, funeral policy, sickness policy or scholarship plan (the original policy ) transferred from the originating company is taken to have been issued at the time the original policy was issued if the terms of the substituted policy are not materially different from those of the original policy.
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