INCOME TAX ASSESSMENT ACT 1997
Subject to subsection (2), this Division does not apply to the transferred amount if:
(a) the amount is transferred in connection with a demutualisation of a company; and
(b) Division 316 (about demutualisations of friendly society health and life insurers) applies in relation to the demutualisation; and
(c) the company (the issuing company ) to whose *share capital account the amount is transferred is either:
(i) the *friendly society described in that Division; or
(ii) the company that owns all the shares in the friendly society.
Subsection (1) does not stop this Division from applying to so much, if any, of the transferred amount as exceeds the sum of the *cost bases of *shares in the issuing company that:
(a) are demutualisation assets (see section 316-110 ); and
(b) are issued to an entity covered by section 316-115 .
For the purposes of subsection (2), work out the *cost base of a *share on the day on which it is issued, taking account of section 316-105 .
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