Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 713 - Rules for particular kinds of entities  

Subdivision 713-L - Transitional relief for certain transactions relating to life insurance companies  

SECTION 713-530   What the relief is  

713-530(1)    
For a section 713-505 case:

(a) if the originating entity is a company:

(i) any amount (other than a capital gain) that would have been included in the originating entity's assessable income (the deferred amount ) as a result of the deferral event is not so included; and

(ii) any capital gain (the deferred gain ) that the originating entity would have made as a result of the deferral event is disregarded; and

(b) if the originating entity is a trust:

(i) any amount (other than a capital gain) that would have been included in the member life insurance company's assessable income (also the deferred amount ) as a result of the deferral event is not so included; and

(ii) any capital gain (also the deferred gain ) that the member life insurance company would have made as a result of the deferral event is disregarded.

713-530(2)    

For a section 713-510 case:

(a) any amount that would have been included in the member life insurance company's assessable income (also the deferred amount ) under paragraph 320-15 (e) or (g) of the Income Tax Assessment Act 1997 as a result of the deferral event is not so included; and

(b) any capital gain (also the deferred gain ) that the member life insurance company would have made as a result of the deferral event is disregarded.