Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 713.530

  (1)   For a section   713 - 505 case:

  (a)   if the originating entity is a company:

  (i)   any amount (other than a capital gain) that would have been included in the originating entity's assessable income (the deferred amount ) as a result of the deferral event is not so included; and

  (ii)   any capital gain (the deferred gain ) that the originating entity would have made as a result of the deferral event is disregarded; and

  (b)   if the originating entity is a trust:

  (i)   any amount (other than a capital gain) that would have been included in the member life insurance company's assessable income (also the deferred amount ) as a result of the deferral event is not so included; and

  (ii)   any capital gain (also the deferred gain ) that the member life insurance company would have made as a result of the deferral event is disregarded.

  (2)   For a section   713 - 510 case:

  (a)   any amount that would have been included in the member life insurance company's assessable income (also the deferred amount ) under paragraph   320 - 15(e) or (g) of the Income Tax Assessment Act 1997 as a result of the deferral event is not so included; and

  (b)   any capital gain (also the deferred gain ) that the member life insurance company would have made as a result of the deferral event is disregarded.