Income Tax Assessment Act 1997
Disregard an entity ' s *capital gain or *capital loss from a *CGT event that happens under the demutualisation to a *CGT asset if:
(a) the entity:
(i) is or has been a *member of the *friendly society; or
(ii) is or has been insured through the friendly society or a health/life insurance subsidiary of the friendly society; and
(b) the CGT asset is one of these (an interest affected by demutualisation ):
(i) an interest in the friendly society as the owner or holder of a policy of insurance with the friendly society or health/life insurance subsidiary;
(ii) a *membership interest in the friendly society;
(iii) a right or interest of another kind in the friendly society;
(iv) a right or interest of another kind that arises under the demutualisation, except an interest in a lost policy holders trust (see section 316-155 ).
Subdivision 316-D deals with the effects of CGT events happening to interests in lost policy holders trusts.316-55(2)
Disregard a *capital gain or *capital loss of an entity (the successor ) from a *CGT event that happens under the demutualisation to a *CGT asset if:
(a) the successor is the *legal personal representative, or beneficiary in the estate, of a deceased individual who was:
(i) a *member of the *friendly society; or
(ii) insured through the friendly society or a health/life insurance subsidiary of the friendly society; and
(b) the CGT asset:
(i) forms part of the deceased individual ' s estate; and
(ii) devolves or *passes to the successor; and
(iii) is an interest affected by demutualisation (see paragraph (1)(b)).
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