Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-35 - INSURANCE BUSINESS  

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History

Part 3-35 heading amended by No 169 of 2001.

Part 3-35 inserted by No 89 of 2000.

Division 322 - Assistance for policyholders with insolvent general insurers  

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History

Div 322 (heading) substituted by No 42 of 2009, s 3 and Sch 1 item 23, effective 23 June 2009. The heading formerly read:

Division 322 - HIH rescue package

Div 322 inserted by No 169 of 2001.

Subdivision 322-B - Tax treatment of entitlements under financial claims scheme  

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Subdiv 322-B inserted by No 42 of 2009, s 3 and Sch 1 item 26, effective 23 June 2009.

Operative provisions

SECTION 322-30  

322-30   Disposal of rights against insurer to APRA and meeting of financial claims scheme entitlement have no CGT effects  

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Disregard a *capital gain or *capital loss you make because:

(a) under section 62ZZL of the Insurance Act 1973 , you *dispose of a *CGT asset consisting of your rights against a *general insurance company to *APRA; or

(b) your entitlement under section 62ZZF , 62ZZFA , 62ZZG or 62ZZGA of that Act is met.

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Note 1:

Section 62ZZL of the Insurance Act 1973 causes you to cease to be the owner, and APRA to become the owner, of rights against a general insurance company relating to a general insurance policy when your entitlement arises under Part VC of that Act in relation to the policy.

Note 2:

Sections 62ZZF , 62ZZFA , 62ZZG and 62ZZGA of the Insurance Act 1973 entitle persons with valid claims based on general insurance policies issued by certain general insurance companies that have since become insolvent to be paid the amount of those claims by APRA.

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History

S 322-30 amended by No 10 of 2018, s 3 and Sch 7 items 7 and 8, by substituting " section 62ZZF, 62ZZFA, 62ZZG or 62ZZGA " for " Division 3 of Part VC " in para (b) and " Sections 62ZZF, 62ZZFA, 62ZZG and 62ZZGA of the Insurance Act 1973 entitle " for " Division 3 of Part VC of the Insurance Act 1973 entitles " in note 2, effective 5 March 2018.

S 322-30 inserted by No 42 of 2009, s 3 and Sch 1 item 26, effective 23 June 2009.

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