INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-32 - CO-OPERATIVES AND MUTUAL ENTITIES  

Division 316 - Demutualisation of friendly society health or life insurers  

Subdivision 316-B - Capital gains and losses connected with the demutualisation  

Guide to Subdivision 316-B

SECTION 316-50   What this Subdivision is about  


Disregard capital gains and losses made by any entity from a CGT event happening under the demutualisation, unless the entity:

  • (a) is or has been a member of the friendly society or insured through the society or any of its wholly-owned subsidiaries; and
  • (b) receives money for the event.

  • TABLE OF SECTIONS
    Gains and losses of members, insured entities and successors
    316-55 Disregarding capital gains and losses, except some involving receipt of money
    316-60 Taking account of some capital gains and losses involving receipt of money
    316-65 Valuation factor for sections 316-60, 316-105 and 316-165
    316-70 Value of the friendly society
    Friendly society ' s gains and losses
    316-75 Disregarding friendly society ' s capital gains and losses
    Other entities ' gains and losses
    316-80 Disregarding other entities ' capital gains and losses


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