Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 253-1 What this Subdivision is about
This Act applies to a payment of an entitlement under Division 2AA (Financial claims scheme for account-holders with insolvent ADIs) of Part II of the Banking Act 1959 as if the payment were made by the ADI under the agreement for the account concerned.
Special rules prevent the arising and payment of such an entitlement from creating inappropriate capital gains or losses affecting assessable income.
| Operative provisions | |
| 253-5 | Payment of entitlement under financial claims scheme treated as payment from ADI |
| 253-10 | Disposal of rights against ADI to APRA and meeting of financial claims scheme entitlement have no CGT effects |
| 253-15 | Cost base of financial claims scheme entitlement and any remaining part of account that gave rise to entitlement |
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