Commonwealth Consolidated Acts

TAXATION LAWS AMENDMENT ACT (NO. 2) 2004 - SCHEDULE 6

Income Tax Assessment Act 1936

1   Subparagraph 121AB(1)(b)(iii)

Omit "members.", substitute "members; or".

2   At the end of subsection 121AB(1)

Add:

  (c)   that satisfies all of the following conditions:

  (i)   at 7.30 pm, by legal time in the Australian Capital Territory, on 9   May 1995, it was a friendly society (within the meaning of this Act as in force at that time);

  (ii)   it was an insurance company on 1   July 1999;

  (iii)   it does not have capital divided into shares held by its members.