Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-10
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FINANCIAL TRANSACTIONS
Division 253
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Financial claims scheme for account-holders with insolvent ADIs
Subdivision 253-A
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Tax treatment of entitlements under financial claims scheme
SECTION 253-1
What this Subdivision is about
View history note
Hide history noteThis Act applies to a payment of an entitlement under Division 2AA (Financial claims scheme for account-holders with insolvent ADIs) of Part II of the Banking Act 1959 as if the payment were made by the ADI under the agreement for the account concerned.
Special rules prevent the arising and payment of such an entitlement from creating inappropriate capital gains or losses affecting assessable income.
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