INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-32 - CO-OPERATIVES AND MUTUAL ENTITIES  

Division 315 - Demutualisation of private health insurers  

Subdivision 315-C - Lost policy holders trust  

SECTION 315-155   Trustee assessed if assets dealt with not for benefit of lost policy holder  

315-155(1)  
This section applies in relation to a *capital gain from a *CGT event if:


(a) the CGT event happens in relation to an asset held by the trustee of a lost policy holders trust; and


(b) section 315-150 does not apply to the CGT event.

315-155(2)  


If this section applies:


(a) sections 115-215 and 115-220 do not apply in relation to the *capital gain; and


(b) for the purposes of this Act, the trustee is taken to be *specifically entitled to all of the capital gain.


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