Document ID: chunk:federal_register_of_legislation:C2008A00097:clause:1_11:p8
Version: federal_register_of_legislation:C2008A00097
Segment Type: clause
Provision Reference: sch 1 cl 11 (pt 8/8)
Character Range: 26015–27337

have *acquired the asset when the *legal personal representative acquired it.

Subdivision 315‑F—Non‑CGT consequences of demutualisation

Table of sections

315‑310 General taxation consequences of issue of demutualisation assets etc.

315‑310  General taxation consequences of issue of demutualisation assets etc.

 (1) An amount of *ordinary income or *statutory income of an entity to which subsection (2) applies is not assessable and not *exempt income if:
 (a) the amount would otherwise be included in the ordinary income or statutory income of the entity only because a demutualisation asset was issued to the entity; or
 (b) the amount is a payment made to the entity, under a demutualisation to which this Division applies, in connection with:
 (i) the variation or abrogation of rights attaching to or consisting of a *CGT asset covered by section 315‑20; or
 (ii) the conversion, cancellation, extinguishment or redemption of such a CGT asset.

 (2) This subsection applies to an entity that:
 (a) 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 health insurer; or
 (b) is issued with the demutualisation asset, or receives the payment, because of the death of a policy holder mentioned in paragraph (a).