Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS  

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History

Part 3-10 inserted by No 72 of 2001.

Division 253 - Financial claims scheme for account-holders with insolvent ADIs  

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History

Div 253 inserted by No 42 of 2009, s 3 and Sch 1 item 20, effective 23 June 2009.

Subdivision 253-A - Tax treatment of entitlements under financial claims scheme  

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History

Subdiv 253-A inserted by No 42 of 2009, s 3 and Sch 1 item 20, effective 23 June 2009.

Operative provisions

SECTION 253-10  

253-10   Disposal of rights against ADI to APRA and meeting of financial claims scheme entitlement have no CGT effects  

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Disregard a *capital gain or *capital loss you make:

(a) because of the operation of section 16AI of the Banking Act 1959 ; or

(b) because your entitlement under Subdivision C of Division 2AA of Part II of that Act is met.

Note:

Section 16AI of the Banking Act 1959 reduces the right of an account-holder who has a protected account with a declared ADI to be paid an amount by the ADI, by the account-holder's entitlement under Subdivision C of Division 2AA of Part II of that Act to be paid an amount by APRA in connection with the account.

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History

S 253-10 inserted by No 42 of 2009, s 3 and Sch 1 item 20, effective 23 June 2009.

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