Income Tax Assessment Act 1997
View history note
Hide history noteThis Division applies in relation to a demutualisation of a *friendly society if:
(a) the society is, or has a *wholly-owned subsidiary (a health/life insurance subsidiary ) that is:
(i) a private health insurer as defined in the Private Health Insurance (Prudential Supervision) Act 2015 ; or
(ii) a company registered under section 21 of the Life Insurance Act 1995 ; and
(b) the society does not have capital divided into *shares held by its *members; and
(c) after the demutualisation the society is to be carried on for the object of securing a profit or pecuniary gain for its *members.
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