Income Tax Assessment Act 1997
Disregard a *capital gain or *capital loss you make because:
(a) under section 62ZZL of the Insurance Act 1973 , you *dispose of a *CGT asset consisting of your rights against a *general insurance company to *APRA; or
(b) your entitlement under section 62ZZF , 62ZZFA , 62ZZG or 62ZZGA of that Act is met.
Section 62ZZL of the Insurance Act 1973 causes you to cease to be the owner, and APRA to become the owner, of rights against a general insurance company relating to a general insurance policy when your entitlement arises under Part VC of that Act in relation to the policy.
Sections 62ZZF , 62ZZFA , 62ZZG and 62ZZGA of the Insurance Act 1973 entitle persons with valid claims based on general insurance policies issued by certain general insurance companies that have since become insolvent to be paid the amount of those claims by APRA.