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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 713.530

What the relief is

             (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.



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