Income Tax Assessment Act 1997
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Hide history noteSECTION 316-175 Trustee assessed if shares or rights dealt with not for benefit of beneficiary of lost policy holders trust 316-175(1)
This section applies in relation to a *capital gain from a *CGT event if:
(a) the CGT event happens in relation to a demutualisation asset that:
(i) is a *share or a right to *acquire a share; and
(ii) is held by the trustee of a lost policy holders trust; and
(b) section 316-170 does not apply to the CGT event.
316-175(2)
If this section applies:
(a) sections 115-215 and 115-220 do not apply in relation to the *capital gain; and
(b) for the purposes of this Act, the trustee is taken to be *specifically entitled to all of the capital gain.
316-175(3)
(Repealed by No 62 of 2011)
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