Income Tax Assessment Act 1997
View history note
Hide history noteThis section covers an asset if:
(a) the asset is:
(i) a share in the demutualising health insurer; or
(ii) a right to *acquire a share in the demutualising health insurer; or
(iii) a share in an entity that owns all of the shares in the demutualising health insurer; or
(iv) a right to acquire a share in an entity mentioned in subparagraph (iii); and
(b) the share or right is issued under a demutualisation to which this Division applies; and
(c) the share or right is issued 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.
Exclusion for rights with an exercise price
315-85(2)
Despite subsection (1), this section does not cover a right to *acquire a share in an entity if the holder of the right must pay an amount to exercise the right.
Exclusion where assets not issued simultaneously
315-85(3)
Despite subsection (1), an asset is not covered by this section unless all of the assets covered by subsection (1) for the demutualisation in question are issued:
(a) at the same time; and
(b) to an entity that is either:
(i) a participating policy holder (see section 315-90 ); or
(ii) the trustee of a trust covered by Subdivision 315-C (about the lost policy holders trust).
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