Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) For a section 713 - 505 case:
(a) if the originating entity is a company:
(i) any amount (other than a capital gain) that would have been included in the originating entity's assessable income (the deferred amount ) as a result of the deferral event is not so included; and
(ii) any capital gain (the deferred gain ) that the originating entity would have made as a result of the deferral event is disregarded; and
(b) if the originating entity is a trust:
(i) any amount (other than a capital gain) that would have been included in the member life insurance company's assessable income (also the deferred amount ) as a result of the deferral event is not so included; and
(ii) any capital gain (also the deferred gain ) that the member life insurance company would have made as a result of the deferral event is disregarded.
(2) For a section 713 - 510 case:
(a) any amount that would have been included in the member life insurance company's assessable income (also the deferred amount ) under paragraph 320 - 15(e) or (g) of the Income Tax Assessment Act 1997 as a result of the deferral event is not so included; and
(b) any capital gain (also the deferred gain ) that the member life insurance company would have made as a result of the deferral event is disregarded.