Income Tax Assessment Act 1936

SCHEDULE 2H - DEMUTUALISATION OF MUTUAL ENTITIES OTHER THAN INSURANCE COMPANIES AND HEALTH INSURERS  

Division 326 - DEMUTUALISATION  

Subdivision 326-C - CGT consequences of extinguishment of membership rights in mutual entity  

SECTION 326-65   EXTINGUISHMENT OF MEMBERSHIP RIGHTS  
Application

326-65(1)    

This section applies where membership rights are extinguished as mentioned in paragraph 326-45(1)(a) , 326-50(1)(a) , 326-52(1)(a) or 326-55(1)(a) .

Modification

326-65(2)    
A capital gain or capital loss arising from the extinguishment of the membership rights of a member is to be disregarded.