INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS  

Division 253 - Financial claims scheme for account-holders with insolvent ADIs  

Subdivision 253-A - Tax treatment of entitlements under financial claims scheme  

Operative provisions

SECTION 253-10   253-10   Disposal of rights against ADI to APRA and meeting of financial claims scheme entitlement have no CGT effects  


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


(a) because of the operation of section 16AI of the Banking Act 1959 ; or


(b) because your entitlement under Subdivision C of Division 2AA of Part II of that Act is met.

Note:

Section 16AI of the Banking Act 1959 reduces the right of an account-holder who has a protected account with a declared ADI to be paid an amount by the ADI, by the account-holder's entitlement under Subdivision C of Division 2AA of Part II of that Act to be paid an amount by APRA in connection with the account.


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