Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 316.5

    This Division applies in relation to a demutualisation of a * friendly society if:

  (a)   the society is, or has a * wholly - owned subsidiary (a health/life insurance subsidiary ) that is:

  (i)   a private health insurer as defined in the Private Health Insurance (Prudential Supervision) Act 2015 ; or

  (ii)   a company registered under section   21 of the Life Insurance Act 1995 ; and

  (b)   the society does not have capital divided into * shares held by its * members; and

  (c)   after the demutualisation the society is to be carried on for the object of securing a profit or pecuniary gain for its * members.