Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-32 - CO-OPERATIVES AND MUTUAL ENTITIES  

Division 315 - Demutualisation of private health insurers  

Subdivision 315-A - Capital gains and losses connected with a demutualisation of a private health insurer to be disregarded  

Rules for policy holders

SECTION 315-15  

315-15   Demutualisations to which this Division applies  

This Division applies to a demutualisation of an entity if:

(a) the entity:

(i) is an entity to which item 6.3 of the table in section 50-30 applies; and

(ii) is not registered under Part 3 of the Life Insurance Act 1995 ; and

(iia) is not an entity to whose demutualisation Division 316 applies; and

(iii) does not have capital divided into shares; and

Note:

Item 6.3 of the table in section 50-30 applies to a private health insurer within the meaning of the Private Health Insurance (Prudential Supervision) Act 2015 that is not carried on for the profit or gain of its individual members.

(b) an application by the entity to convert to being registered as a for profit insurer (within the meaning of the Private Health Insurance (Prudential Supervision) Act 2015 ) is approved under subsection 20(5) of that Act; and

(c) consistently with the conversion scheme mentioned in paragraph 20(2)(a) of that Act, the entity becomes registered as a for profit insurer (within the meaning of that Act).