INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-32 - CO-OPERATIVES AND MUTUAL ENTITIES  

Division 316 - Demutualisation of friendly society health or life insurers  

Subdivision 316-A - Application  

SECTION 316-5   316-5   Application of this Division  


This Division applies in relation to a demutualisation of a *friendly society if:


(a) the society is, or has a *wholly-owned subsidiary (a health/life insurance subsidiary ) that is:


(i) a private health insurer as defined in the Private Health Insurance (Prudential Supervision) Act 2015 ; or

(ii) a company registered under section 21 of the Life Insurance Act 1995 ; and


(b) the society does not have capital divided into *shares held by its *members; and


(c) after the demutualisation the society is to be carried on for the object of securing a profit or pecuniary gain for its *members.


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