INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 713 - Rules for particular kinds of entities  

Subdivision 713-L - Transitional relief for certain transactions relating to life insurance companies  

SECTION 713-545   713-545   Discount capital gain in certain cases  

The Income Tax Assessment Act 1997 applies as if the capital gain referred to in paragraph 713-535(2) (b), (3) (b) or (5) (b) were a discount capital gain if:

(a) the asset to which the deferral event happened is a virtual PST asset; and

(b) the asset was acquired less than 12 months before the deferral event happened; and

(c) the new event happens at least 12 months after the asset was acquired.