Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 316.80

Disregarding other entities' capital gains and losses

                   Disregard an entity's * capital gain or * capital loss from a * CGT event that happens under the demutualisation if:

                     (a)  the entity is established solely for the purpose of participating in the demutualisation and is not a lost policy holders trust (see section 316- 155); and

                     (b)  the CGT event:

                              (i)  happens before or at the same time as the allocation or distribution of the accumulated surplus of the * friendly society; and

                             (ii)  is connected to that allocation or distribution.

Note:          The allocation or distribution of the accumulated surplus could happen through an arrangement involving more than one transaction.

Guide to Subdivision 316-C



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