Income Tax Assessment Act 1936

SCHEDULE 2H - DEMUTUALISATION OF MUTUAL ENTITIES OTHER THAN INSURANCE COMPANIES AND HEALTH INSURERS  

Division 326 - DEMUTUALISATION  

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History

Div 326 inserted by No 103 of 1999.

Subdivision 326-D - CGT consequences of disposal of demutualisation shares or an interest in such shares by a member of a mutual entity where the entity or a holding company of the entity becomes a listed public company  

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Subdiv 326-D inserted by No 103 of 1999.

SECTION 326-130   ADJUSTED FIRST DAY TRADING PRICE OF DEMUTUALISATION SHARES  

326-130(1)    
For the purposes of this Subdivision, the adjusted first day trading price of demutualisation shares is the amount worked out using the formula:

First day trading price of demutualisation shares

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Value of franking surplus       Total number of   demutualisation shares         issued

326-130(2)    

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In this section:

first day trading price of demutualisation shares
means the price per share, as published by ASX Limited, at which the demutualisation shares were last traded, on the stock market operated by ASX Limited, on the demutualisation listing day.

value of franking surplus
means the value, as determined by a qualified valuer, of the franking surplus of the demutualised entity on the demutualisation listing day.

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S 326-130(2) amended by No 97 of 2008 , s 3 and Sch 3 item 41, by substituting " ASX Limited, at which the demutualisation shares were last traded, on the stock market operated by ASX Limited " for " Australian Stock Exchange Limited, at which the demutualisation shares were last traded, on the stock market maintained by Australian Stock Exchange Limited " , effective 3 October 2008.

S 326-130(2) amended by No 23 of 2005.

S 326-130 inserted by No 103 of 1999.

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