Document ID: chunk:federal_register_of_legislation:C2010C00604:clause:6_10:p5
Version: federal_register_of_legislation:C2010C00604
Segment Type: clause
Provision Reference: sch 6 cl 10 (pt 5/5)
Character Range: 99197–100706

the deferred amount in its assessable income for the income year in which the new event happens; or
 (b) the member life insurance company is taken, just before the new event happened, to have made a capital gain equal to the deferred gain.

 (6) In addition, if the deferral event involved the transfer of assets from the member life insurance company's virtual PST, an amount equal to the deferred amount or deferred gain is taken to be an amount of assessable income to which subsection 320‑205(3) of the Income Tax Assessment Act 1997 applies for the relevant entity.

713‑540  Requirement to notify happening of new event

 (1) For a section 713‑505 case, the recipient entity must, if it is not a member of the same consolidated group as the originating entity when the new event happens, notify the originating entity in the approved form of the happening of the new event within 60 days after the new event happens.

 (2) Subsection (1) does not apply if the new event is the originating entity ceasing to exist.

713‑545  Discount capital gain in certain cases

  The Income Tax Assessment Act 1997 applies as if the capital gain referred to in paragraph 713‑535(2)(b), (3)(b) or (5)(b) were a discount capital gain if:
 (a) the asset to which the deferral event happened is a virtual PST asset; and
 (b) the asset was acquired less than 12 months before the deferral event happened; and
 (c) the new event happens at least 12 months after the asset was acquired.

Taxation Administration Act 1953