Document ID: chunk:federal_register_of_legislation:C2025C00014:section:121as:p7
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 121AS (pt 7/7)
Character Range: 1082565–1084524

a roll‑over provision (see note 5 to this table) applies to the disposal.

  Notes:
    1. For the purposes of the table, the applicable company valuation amount, in relation to the disposal of an asset or the allocation of an amount to a member in the records of a superannuation fund, is:
      (a) if the asset is disposed of, or the amount is allocated, before the demutualisation listing day—the pre‑listing day company valuation amount; or
      (b) in any other case—the listing day company valuation amount.
    2. The pre‑listing day company valuation amount is:
      (a) in relation to demutualisation methods 1 to 6, where the mutual insurance company is a life insurance company—the embedded value of the company; or
      (b) in relation to demutualisation methods 1 to 6, where the mutual insurance company is a general insurance company—the net tangible asset value of the company; or
      (c) in relation to demutualisation method 7—the sum of the net tangible asset values of the general insurance company and the mutual affiliate company.
    3. The listing day company valuation amount is the lesser of:
      (a) the pre‑listing day company valuation amount; and
      (b) the amount worked out using the formula:

    4. The demutualisation listing day is the day on which the ordinary shares mentioned in the demutualisation method concerned are listed.
    5. A roll‑over provision is:
        * any of these Subdivisions of the Income Tax Assessment Act 1997: 122‑A, 122‑B, 124‑B, 124‑C, 124‑D, 124‑E, 124‑F, 124‑I, 126‑A, 126‑B; or
        * section 128‑10 or 128‑15, or Division 615, of that Act.
    6. A trustee who gets a roll‑over under Subdivision 124‑M of the Income Tax Assessment Act 1997 for an original interest consisting of shares issued as part of a demutualisation may be eligible for a further roll‑over under Subdivision 126‑E of that Act when a beneficiary becomes absolutely entitled to the replacement shares.