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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History

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

Subdivision 316-B - Capital gains and losses connected with the demutualisation  

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History

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

Guide to Subdivision 316-B

SECTION 316-50   What this Subdivision is about  

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Disregard capital gains and losses made by any entity from a CGT event happening under the demutualisation, unless the entity:

(a) is or has been a member of the friendly society or insured through the society or any of its wholly-owned subsidiaries; and

(b) receives money for the event.

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S 316-50 inserted by No 88 of 2009, s 3 and Sch 3 item 1, effective 18 September 2009.

TABLE OF SECTIONS

TABLE OF SECTIONS

Gains and losses of members, insured entities and successors
316-55	Disregarding capital gains and losses, except some involving receipt of money
316-60	Taking account of some capital gains and losses involving receipt of money
316-65	Valuation factor for sections 316-60, 316-105 and 316-165
316-70	Value of the friendly society
Friendly society ' s gains and losses
316-75	Disregarding friendly society ' s capital gains and losses
Other entities ' gains and losses
316-80	Disregarding other entities ' capital gains and losses

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