INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997
Subdivision 320-A - Preliminary SECTION 320-5 320-5 Life insurance companies that are friendly societies
(a) any assets held by the benefit funds of a life insurance company that is a friendly society for the purpose of providing superannuation benefits to its members are transferred before 1 July 2001 to a complying superannuation fund; and
(b) the persons who had interests in those assets immediately before the transfer had substantially the same interests in the assets after the transfer;
the transfer is disregarded for any purposes of the Income Tax Assessment Act 1997 or the Income Tax Assessment Act 1936 .
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