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-B - Capital gains and losses connected with the demutualisation  

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

Other entities ' gains and losses

SECTION 316-80  

316-80   Disregarding other entities ' capital gains and losses  

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Disregard an entity ' s *capital gain or *capital loss from a *CGT event that happens under the demutualisation if:

(a) the entity is established solely for the purpose of participating in the demutualisation and is not a lost policy holders trust (see section 316-155 ); and

(b) the CGT event:

(i) happens before or at the same time as the allocation or distribution of the accumulated surplus of the *friendly society; and

(ii) is connected to that allocation or distribution.

Note:

The allocation or distribution of the accumulated surplus could happen through an arrangement involving more than one transaction.

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History

S 316-80 inserted by No 88 of 2009, s 3 and Sch 3 item 1, effective 18 September 2009.

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