(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 .
Table of sections
320-85 Deduction for increase in value of liabilities under risk components of life insurance policies