Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 315.30

    Disregard a * capital gain or * capital loss of an entity from a * CGT event if:

  (a)   the entity is established solely for the purpose of participating in a demutualisation to which this Division applies; and

  (b)   the entity is not a trust covered by Subdivision   315 - C (about lost policy holders); and

  (c)   the CGT event:

  (i)   happened under a demutualisation to which this Division applies; and

  (ii)   happened before or at the same time as the allocation or distribution (in the form of shares or cash) of the accumulated surplus of the demutualising health insurer; and

  (iii)   was 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.

Table of sections

315 - 80   Cost base and acquisition time of demutualisation assets

315 - 85   Demutualisation asset

315 - 90   Participating policy holders