Commonwealth Consolidated Acts Commonwealth Consolidated ActsIf the demutualisation creates a trust just to hold shares, rights to acquire shares or money for entities that were members of the friendly society or insured through the society or its subsidiary, or are successors of such entities, then:
(a) capital gains or losses from CGT events happening to beneficiaries' interests in the trust are disregarded, except where the capital proceeds include money; and
(b) when a CGT event happens involving the transfer of the shares or rights to a beneficiary, or a beneficiary's absolute entitlement to them, the trustee's capital gain or loss is disregarded and the beneficiary has the same cost base and time of acquisition as the trustee; and
(c) the trustee is assessed on any capital gains from other CGT events happening to the shares or rights.
Table of sections
Application
316 - 155 Lost policy holders trust
Effects of CGT events happening to interests and assets in trust
316 - 160 Disregarding beneficiaries' capital gains and losses, except some involving receipt of money
316 - 165 Taking account of some capital gains and losses involving receipt of money by beneficiaries
316 - 170 Roll - over where shares or rights to acquire shares transferred to beneficiary of lost policy holders trust
316 - 175 Trustee assessed if shares or rights dealt with not for benefit of beneficiary of lost policy holders trust
316 - 180 Subdivision 126 - E does not apply