Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 320.325

Friendly societies

             (1)  This section has effect if the originating company and the recipient company were * friendly societies just before the transfer took place.

             (2)  For the purposes of paragraph 320-37(1)(d), an * income bond, * funeral policy, * sickness policy or * scholarship plan issued by the recipient company in substitution for an income bond, funeral policy, sickness policy or scholarship plan (the original policy ) transferred from the originating company is taken to have been issued at the time the original policy was issued if the terms of the substituted policy are not materially different from those of the original policy.



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