Income Tax Assessment Act 1997
View history note
Hide history noteAn amount of *ordinary income or *statutory income of an entity to which subsection (2) applies is not assessable and not *exempt income if:
(a) the amount would otherwise be included in the ordinary income or statutory income of the entity only because a demutualisation asset was issued to the entity; or
(b) the amount is a payment made to the entity, under a demutualisation to which this Division applies, in connection with:
(i) the variation or abrogation of rights attaching to or consisting of a *CGT asset covered by section 315-20 ; or
(ii) the conversion, cancellation, extinguishment or redemption of such a CGT asset.
315-310(2)
This subsection applies to an entity that:
(a) is, or has been, a policy holder (within the meaning of the Private Health Insurance (Prudential Supervision) Act 2015 ) of, or another person insured through, the demutualising health insurer; or
(b) is issued with the demutualisation asset, or receives the payment, because of the death of a policy holder mentioned in paragraph (a).
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