Document ID: chunk:federal_register_of_legislation:C2008A00097:clause:1_11:p2
Version: federal_register_of_legislation:C2008A00097
Segment Type: clause
Provision Reference: sch 1 cl 11 (pt 2/8)
Character Range: 11083–13847

individual is, or has been, a policy holder (within the meaning of the Private Health Insurance Act 2007) of, or another person insured through, the demutualising entity (the demutualising health insurer); and
 (c) the CGT asset is covered by section 315‑20.

315‑10  Effect on the legal personal representative or beneficiary

  Disregard a *capital gain or *capital loss of an entity from a *CGT event that happens in relation to a *CGT asset if:
 (a) the CGT asset forms part of the estate of a deceased individual who is mentioned in paragraph 315‑5(b); and
 (b) the entity is the deceased individual's *legal personal representative or a beneficiary in the deceased individual's estate; and
 (c) the CGT asset devolves to the entity or *passes to the entity; and
 (d) the CGT event happens under a demutualisation to which this Division applies; and
 (e) the CGT asset is covered by section 315‑20.

315‑15  Demutualisations to which this Division applies

  This Division applies to a demutualisation of an entity if:
 (a) the entity:
 (i) is an entity to which item 6.3 of the table in section 50‑30 applies; and
 (ii) is not registered under Part 3 of the Life Insurance Act 1995; and
 (iii) does not have capital divided into shares; and

Note: Item 6.3 of the table in section 50‑30 applies to a private health insurer within the meaning of the Private Health Insurance Act 2007 that is not carried on for the profit or gain of its individual members.
 (b) an application by the entity to convert to being registered as a for profit insurer (within the meaning of the Private Health Insurance Act 2007) is approved under subsection 126‑42(5) of that Act; and
 (c) consistently with the conversion scheme mentioned in paragraph 126‑42(2)(b) of that Act, the entity becomes registered as a for profit insurer (within the meaning of that Act).

315‑20  What assets are covered

  These *CGT assets are covered:
 (a) an interest in the demutualising health insurer as a policy holder;
 (b) a membership interest in the demutualising health insurer;
 (c) a right or interest of another kind in the demutualising health insurer;
 (d) a right or interest of another kind that arises under the demutualisation.

Rules for demutualising health insurer

315‑25  Demutualising health insurers to disregard capital gains and losses related to demutualisation

  Disregard a *capital gain or *capital loss of an entity from a *CGT event if:
 (a) the CGT event happened under a demutualisation to which this Division applies; and
 (b) the entity is the demutualising health insurer.

Rules for other entities

315‑30  Other entities to disregard capital gains and losses related to demutualisation

  Disregard a *capital gain or *capital loss of an entity from a