INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS  

Division 253 - Financial claims scheme for account-holders with insolvent ADIs  

Subdivision 253-A - Tax treatment of entitlements under financial claims scheme  

Guide to Subdivision 253-A

SECTION 253-1   What this Subdivision is about  


This 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.


TABLE OF SECTIONS
TABLE OF SECTIONS
Operative provisions
253-5 Payment of entitlement under financial claims scheme treated as payment from ADI
253-10 Disposal of rights against ADI to APRA and meeting of financial claims scheme entitlement have no CGT effects
253-15 Cost base of financial claims scheme entitlement and any remaining part of account that gave rise to entitlement


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