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-D - Lost policy holders trust  

Effects of CGT events happening to interests and assets in trust

SECTION 316-175   Trustee assessed if shares or rights dealt with not for benefit of beneficiary of lost policy holders trust  

316-175(1)  
This section applies in relation to a *capital gain from a *CGT event if:


(a) the CGT event happens in relation to a demutualisation asset that:


(i) is a *share or a right to *acquire a share; and

(ii) is held by the trustee of a lost policy holders trust; and


(b) section 316-170 does not apply to the CGT event.

316-175(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.

316-175(3)  
(Repealed by No 62 of 2011)


 

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