Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-35 - INSURANCE BUSINESS  

Division 320 - Life insurance companies  

Subdivision 320-I - Transfers of business  

Operative provisions

SECTION 320-325   Friendly societies  

320-325(1)  
This section has effect if the originating company and the recipient company were *friendly societies just before the transfer took place.

320-325(2)  
For the purposes of paragraph 320-37(1) (d), an *income bond, *funeral policy, *sickness policy or *scholarship plan issued by the recipient company in substitution for an income bond, funeral policy, sickness policy or scholarship plan (the original policy ) transferred from the originating company is taken to have been issued at the time the original policy was issued if the terms of the substituted policy are not materially different from those of the original policy.


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