INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

SCHEDULE 2H - DEMUTUALISATION OF MUTUAL ENTITIES OTHER THAN INSURANCE COMPANIES  

SECTION 326-190   EXTINGUISHMENT OF RIGHT TO SHARES IN DEMUTUALISED ENTITY BY THE ISSUE OF THE SHARES  

326-190(1)    
If, under the direct method of demutualisation or the holding company method of demutualisation, shares in a demutualised entity are issued to an existing member, neither Part IIIA of this Act nor Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997 apply in respect of any disposal of, or any CGT event constituted by the extinguishment of, as the case may be, the member's right to have the shares issued to the member.

326-190(2)    
If, under the combined direct and holding company method of demutualisation, shares in a demutualised entity or in a holding company are issued to an existing member, neither Part IIIA of this Act nor Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997 apply in respect of any disposal of, or any CGT event constituted by the extinguishment of, as the case may be, the member's rights to have the shares issued to the member.

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