INCOME TAX ASSESSMENT ACT 1936

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

Division 326 - DEMUTUALISATION  

Subdivision 326-A - Application, key concepts and related expressions  

SECTION 326-35   PRE-CGT MEMBERS AND POST-CGT MEMBERS  

326-35(1)  
A person is a pre-CGT member of a demutualising entity if:


(a) the person ' s membership rights in the entity are a pre-CGT asset within the meaning of the Income Tax Assessment Act 1997 ; or


(b) both of the following apply:


(i) the person acquired membership rights in the entity by disposing of membership rights in another mutual entity; and

(ii) the person acquired membership rights in the other entity before 20 September 1985.

326-35(2)  
A person is a post-CGT member of a demutualising entity if the person is not a pre-CGT member.


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