Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 315.30

                   Disregard a * capital gain or * capital loss of an entity from a * CGT event if:

                     (a)  the entity is established solely for the purpose of participating in a demutualisation to which this Division applies; and

                     (b)  the entity is not a trust covered by Subdivision 315-C (about lost policy holders); and

                     (c)  the CGT event:

                              (i)  happened under a demutualisation to which this Division applies; and

                             (ii)  happened before or at the same time as the allocation or distribution (in the form of shares or cash) of the accumulated surplus of the demutualising health insurer; and

                            (iii)  was 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.

Table of sections

315-80      Cost base and acquisition time of demutualisation assets

315-85      Demutualisation asset

315-90      Participating policy holders