Income Tax Assessment Act 1936
View history note
Hide history noteThis section applies where:
(a) under any method of demutualisation, a mutual entity, or a holding company of a mutual entity, becomes a listed public company; and
(b) a disposal of a share, or of an interest in a share, in the entity or holding company takes place before the demutualisation listing day; and
(c) a roll-over provision applies to the disposal; and
(d) the person who disposed of the share or interest would, except for section 326-75 and paragraph (c) of this subsection, have made a capital loss as a result of the disposal; and
(e) the person who is taken to acquire the share or interest under the roll-over provision (the transferee ) disposes of the share or interest.
326-220(2)
If the disposal by the transferee takes place before the demutualisation listing day, any capital loss that the transferee makes from that disposal is disregarded.
326-220(3)
If the disposal by the transferee takes place on or after the demutualisation listing day, Subdivision 326-D applies to the disposal referred to in paragraph (1)(b) as if that disposal had taken place on or after that day.
326-220(4)
In this section:
disposal
includes a disposal that would have occurred except for former section 160X.
(a) former section 160X; or
(b) any provision of Division 17 of Part III ; or
(c) Division 128 of the Income Tax Assessment Act 1997 ; or
(d) any provision of Divisions 122 and 126 of Part 3-3 of the Income Tax Assessment Act 1997 .
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