Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 315.15

                   This Division applies to a demutualisation of an entity if:

                     (a)  the entity:

                              (i)  is an entity to which item 6.3 of the table in section 50-30 applies; and

                             (ii)  is not registered under Part 3 of the Life Insurance Act 1995 ; and

                           (iia)  is not an entity to whose demutualisation Division 316 applies; and

                            (iii)  does not have capital divided into shares; and

Note:       Item 6.3 of the table in section 50-30 applies to a private health insurer within the meaning of the Private Health Insurance Act 2007 that is not carried on for the profit or gain of its individual members.

                     (b)  an application by the entity to convert to being registered as a for profit insurer (within the meaning of the Private Health Insurance Act 2007 ) is approved under subsection 126-42(5) of that Act; and

                     (c)  consistently with the conversion scheme mentioned in paragraph 126-42(2)(b) of that Act, the entity becomes registered as a for profit insurer (within the meaning of that Act).