Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-35 - INSURANCE BUSINESS  

Division 322 - Assistance for policyholders with insolvent general insurers  

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

Operative provisions

SECTION 322-25   Payment of entitlement under financial claims scheme treated as payment from insurer  

322-25(1)    
This Act applies to you as if an amount paid to you, or applied for your benefit, to meet your entitlement under Part VC (Financial claims scheme for policyholders with insolvent general insurers) of the Insurance Act 1973 relating to a *general insurance policy issued by a *general insurance company had been paid to you by the company under the terms and conditions of the policy.

322-25(2)    
To avoid doubt, subsection (1) does not affect the operation of Part 2-5 in Schedule 1 to the Taxation Administration Act 1953 .

Note:

Division 21 in Schedule 1 to the Taxation Administration Act 1953 contains special provisions about how Part 2-5 in that Schedule operates in relation to the meeting of entitlements under Part VC of the Insurance Act 1973 .