INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-35 - INSURANCE BUSINESS  

Division 322 - Assistance for policyholders with insolvent general insurers  

Subdivision 322-B - Tax treatment of entitlements under financial claims scheme  

Guide to Subdivision 322-B

SECTION 322-20   What this Subdivision is about  


This Act applies to a payment of an entitlement under Part VC (Financial claims scheme for policyholders with insolvent general insurers) of the Insurance Act 1973 as if the payment were made by the insurer under the insurance policy concerned.

Disregard a capital gain or loss from:

  • (a) the disposal to APRA under that Part of rights against the insurer under an insurance policy; or
  • (b) the payment of an entitlement under that Part.

  • TABLE OF SECTIONS
    TABLE OF SECTIONS
    Operative provisions
    322-25 Payment of entitlement under financial claims scheme treated as payment from insurer
    322-30 Disposal of rights against insurer to APRA and meeting of financial claims scheme entitlement have no CGT effects


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