Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 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 .
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