Commonwealth Consolidated Acts

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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 320.5

Life insurance companies that are friendly societies

                   If:

                     (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



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