Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX ASSESSMENT ACT 1997 - SECT 315.310

General taxation consequences of issue of demutualisation assets etc.

  (1)   An amount of * ordinary income or * statutory income of an entity to which subsection   (2) applies is not assessable and not * exempt income if:

  (a)   the amount would otherwise be included in the ordinary income or statutory income of the entity only because a demutualisation asset was issued to the entity; or

  (b)   the amount is a payment made to the entity, under a demutualisation to which this Division applies, in connection with:

  (i)   the variation or abrogation of rights attaching to or consisting of a * CGT asset covered by section   315 - 20; or

  (ii)   the conversion, cancellation, extinguishment or redemption of such a CGT asset.

  (2)   This subsection applies to an entity that:

  (a)   is, or has been, a policy holder (within the meaning of the Private Health Insurance (Prudential Supervision) Act 2015 ) of, or another person insured through, the demutualising health insurer; or

  (b)   is issued with the demutualisation asset, or receives the payment, because of the death of a policy holder mentioned in paragraph   (a).

Table of Subdivisions

  Guide to Division   316

316 - A   Application

316 - B   Capital gains and losses connected with the demutualisation

316 - C   Cost base of shares and rights issued under the demutualisation

316 - D   Lost policy holders trust

316 - E   Special CGT rules for legal personal representatives and beneficiaries

316 - F   Non - CGT consequences of the demutualisation


AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback