Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 316.175

  (1)   This section applies in relation to a * capital gain from a * CGT event if:

  (a)   the CGT event happens in relation to a demutualisation asset that:

  (i)   is a * share or a right to * acquire a share; and

  (ii)   is held by the trustee of a lost policy holders trust; and

  (b)   section   316 - 170 does not apply to the CGT event.

  (2)   If this section applies:

  (a)   sections   115 - 215 and 115 - 220 do not apply in relation to the * capital gain; and

  (b)   for the purposes of this Act, the trustee is taken to be * specifically entitled to all of the capital gain.