Treasury Laws Amendment (Mutual Reforms) Act 2019 (37 of 2019)

Schedule 2   Mutual capital instruments (MCIs)

Part 2   Consequential amendments of other Acts

Income Tax Assessment Act 1936

16   After subsection 326-10(1) of Schedule 2H

Insert:

(1A) If the entity is a mutual entity (within the meaning of the Corporations Act 2001), then, for the purposes of subsection (1), disregard the following:

(a) any MCIs (within the meaning of that Act) issued by the entity;

(b) any dividends or profits paid or payable in respect of such MCIs;

(c) any members of the entity who are members by virtue of holding such MCIs.