INCOME TAX ASSESSMENT ACT 1936

SCHEDULE 2H - DEMUTUALISATION OF MUTUAL ENTITIES OTHER THAN INSURANCE COMPANIES AND HEALTH INSURERS  

Division 326 - DEMUTUALISATION  

Subdivision 326-E - CGT consequences of disposal of demutualisation shares or interests in such shares by a member of a mutual entity where the entity or a holding company of the entity becomes a company that is not a listed public company  

SECTION 326-135   APPLICATION OF SUBDIVISION  

326-135(1)  
This Subdivision applies where a member (the disposer ) of a mutual entity which, or a holding company of which, becomes a company that is not a listed public company disposes of an asset consisting of:


(a) a demutualisation share in that company that is not a listed public company or an interest in such a share; or


(b) other shares ( non-demutualisation bonus shares ) in the same company, or an interest in such shares, where the shares are bonus equities mentioned in Subdivision 130-A of the Income Tax Assessment Act 1997 and any of the demutualisation shares (whether or not disposed of at the time) are the original equities mentioned in that Subdivision.

326-135(2)  


For the purposes of this Subdivision, if any of the original equities mentioned in Subdivision 130-A of the Income Tax Assessment Act 1997 , is a demutualisation share, it is called a demutualisation original share .

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