Treasury Laws Amendment (Mutual Reforms) Act 2019 (37 of 2019)

Schedule 2   Mutual capital instruments (MCIs)

Part 2   Consequential amendments of other Acts

Income Tax Assessment Act 1936

15   At the end of section 121AC

Add:

(2) If the company is a mutual entity (within the meaning of the Corporations Act 2001) then, for the purposes of subsection (1), disregard the following:

(a) any MCIs (within the meaning of that Act) issued by the company;

(b) any dividends or profits paid or payable in respect of such MCIs;

(c) any members of the company who are members by virtue of holding such MCIs.