Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 322.30

                   Disregard a * capital gain or * capital loss you make because:

                     (a)  under section 62ZZL of the Insurance Act 1973 , you * dispose of a * CGT asset consisting of your rights against a * general insurance company to * APRA; or

                     (b)  your entitlement under Division 3 of Part VC of that Act is met.

Note 1:       Section 62ZZL of the Insurance Act 1973 causes you to cease to be the owner, and APRA to become the owner, of rights against a general insurance company relating to a general insurance policy when your entitlement arises under Part VC of that Act in relation to the policy.

Note 2:       Division 3 of Part VC of the Insurance Act 1973 entitles persons with valid claims based on general insurance policies issued by certain general insurance companies that have since become insolvent to be paid the amount of those claims by APRA.

Table of Subdivisions

328-B    Objects of this Division

328-C    What is a small business entity

328-D   Capital allowances for small business entities

328-E    Trading stock for small business entities

Guide to Division 328