Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 315.15

    This Division applies to a demutualisation of an entity if:

  (a)   the entity:

  (i)   is an entity to which item   6.3 of the table in section   50 - 30 applies; and

  (ii)   is not registered under Part   3 of the Life Insurance Act 1995 ; and

  (iia)   is not an entity to whose demutualisation Division   316 applies; and

  (iii)   does not have capital divided into shares; and

Note:   Item   6.3 of the table in section   50 - 30 applies to a private health insurer within the meaning of the Private Health Insurance (Prudential Supervision) Act 2015 that is not carried on for the profit or gain of its individual members.

  (b)   an application by the entity to convert to being registered as a for profit insurer (within the meaning of the Private Health Insurance (Prudential Supervision) Act 2015 ) is approved under subsection   20(5) of that Act; and

  (c)   consistently with the conversion scheme mentioned in paragraph   20(2)(a) of that Act, the entity becomes registered as a for profit insurer (within the meaning of that Act).