Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-35
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INSURANCE BUSINESS
Division 322
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Assistance for policyholders with insolvent general insurers
Subdivision 322-B
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Tax treatment of entitlements under financial claims scheme
Guide to Subdivision 322-B
SECTION 322-20 What this Subdivision is about
(a) the disposal to APRA under that Part of rights against the insurer under an insurance policy; or
(b) the payment of an entitlement under that Part.
View history note
Hide history noteSECTION 322-20 What this Subdivision is about
This Act applies to a payment of an entitlement under Part VC (Financial claims scheme for policyholders with insolvent general insurers) of the Insurance Act 1973 as if the payment were made by the insurer under the insurance policy concerned.
Disregard a capital gain or loss from:
| Operative provisions | |
| 322-25 | Payment of entitlement under financial claims scheme treated as payment from insurer |
| 322-30 | Disposal of rights against insurer to APRA and meeting of financial claims scheme entitlement have no CGT effects |
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