Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 316.80

    Disregard an entity's * capital gain or * capital loss from a * CGT event that happens under the demutualisation if:

  (a)   the entity is established solely for the purpose of participating in the demutualisation and is not a lost policy holders trust (see section   316 - 155); and

  (b)   the CGT event:

  (i)   happens before or at the same time as the allocation or distribution of the accumulated surplus of the * friendly society; and

  (ii)   is 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.