Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p41
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 41/79)
Character Range: 4941383–4944260

from a CGT event happening under the demutualisation, unless the entity:

                (a) is or has been a member of the friendly society or insured through the society or any of its wholly‑owned subsidiaries; and
                (b) receives money for the event.

Table of sections

Gains and losses of members, insured entities and successors
316‑55 Disregarding capital gains and losses, except some involving receipt of money
316‑60 Taking account of some capital gains and losses involving receipt of money
316‑65 Valuation factor for sections 316‑60, 316‑105 and 316‑165
316‑70 Value of the friendly society

Friendly society's gains and losses
316‑75 Disregarding friendly society's capital gains and losses

Other entities' gains and losses
316‑80 Disregarding other entities' capital gains and losses

Gains and losses of members, insured entities and successors

316‑55  Disregarding capital gains and losses, except some involving receipt of money
 (1) Disregard an entity's *capital gain or *capital loss from a *CGT event that happens under the demutualisation to a *CGT asset if:
 (a) the entity:
 (i) is or has been a *member of the *friendly society; or
 (ii) is or has been insured through the friendly society or a health/life insurance subsidiary of the friendly society; and
 (b) the CGT asset is one of these (an interest affected by demutualisation):
 (i) an interest in the friendly society as the owner or holder of a policy of insurance with the friendly society or health/life insurance subsidiary;
 (ii) a *membership interest in the friendly society;
 (iii) a right or interest of another kind in the friendly society;
 (iv) a right or interest of another kind that arises under the demutualisation, except an interest in a lost policy holders trust (see section 316‑155).
Note: Subdivision 316‑D deals with the effects of CGT events happening to interests in lost policy holders trusts.
 (2) Disregard a *capital gain or *capital loss of an entity (the successor) from a *CGT event that happens under the demutualisation to a *CGT asset if:
 (a) the successor is the *legal personal representative, or beneficiary in the estate, of a deceased individual who was:
 (i) a *member of the *friendly society; or
 (ii) insured through the friendly society or a health/life insurance subsidiary of the friendly society; and
 (b) the CGT asset:
 (i) forms part of the deceased individual's estate; and
 (ii) devolves or *passes to the successor; and
 (iii) is an interest affected by demutualisation (see paragraph (1)(b)).

316‑60  Taking account of some capital gains and losses involving receipt of money
 (1) This section applies if:
 (a) a *CGT event happens under the demutualisation to an entity's interest affected by demutualisation (see section 316‑55); and
 (b) the event involves:
 (i) the variation or abrogation of rights attaching to or