Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-32 - CO-OPERATIVES AND MUTUAL ENTITIES  

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History

Part 3-32 inserted by No 97 of 2008 , s 3 and Sch 1 item 11, applicable in relation to demutualisations occurring on and after 1 July 2007.

Division 316 - Demutualisation of friendly society health or life insurers  

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Div 316 inserted by No 88 of 2009, s 3 and Sch 3 item 1, effective 18 September 2009.

Subdivision 316-D - Lost policy holders trust  

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Subdiv 316-D inserted by No 88 of 2009, s 3 and Sch 3 item 1, effective 18 September 2009.

Guide to Subdivision 316-D

SECTION 316-150   What this Subdivision is about  

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If the demutualisation creates a trust just to hold shares, rights to acquire shares or money for entities that were members of the friendly society or insured through the society or its subsidiary, or are successors of such entities, then:

(a) capital gains or losses from CGT events happening to beneficiaries ' interests in the trust are disregarded, except where the capital proceeds include money; and

(b) when a CGT event happens involving the transfer of the shares or rights to a beneficiary, or a beneficiary ' s absolute entitlement to them, the trustee ' s capital gain or loss is disregarded and the beneficiary has the same cost base and time of acquisition as the trustee; and

(c) the trustee is assessed on any capital gains from other CGT events happening to the shares or rights.

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S 316-150 inserted by No 88 of 2009, s 3 and Sch 3 item 1, effective 18 September 2009.

TABLE OF SECTIONS

TABLE OF SECTIONS

Application
316-155	Lost policy holders trust
Effects of CGT events happening to interests and assets in trust
316-160	Disregarding beneficiaries ' capital gains and losses, except some involving receipt of money
316-165	Taking account of some capital gains and losses involving receipt of money by beneficiaries
316-170	Roll-over where shares or rights to acquire shares transferred to beneficiary of lost policy holders trust
316-175	Trustee assessed if shares or rights dealt with not for benefit of beneficiary of lost policy holders trust
316-180	Subdivision 126-E does not apply

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