Document ID: chunk:federal_register_of_legislation:C2025C00029:section:2:p18
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 2 (pt 18/41)
Character Range: 4277120–4280058

event happens; and
 (c) the event would have been a *balancing adjustment event for the asset for the purposes of Subdivision 40‑D if this Division had not applied to you and the asset when the event happened.
 (2) A balancing adjustment is made under Subdivision 40‑D as if:
 (a) the event were a *balancing adjustment event for the asset; and
 (b) the *adjustable value of the asset, just before the event happened, were the adjustable value worked out under subsection 250‑285(1); and
 (c) sections 40‑290, 40‑291, 40‑292 and 40‑293 did not apply.

Subdivision 250‑G—Objections against determinations and decisions by the Commissioner

Table of sections
250‑295 Objections against determinations and decisions by the Commissioner

250‑295  Objections against determinations and decisions by the Commissioner
 (1) This section applies to a determination by the Commissioner under section 250‑45.
 (2) This section also applies to a decision by the Commissioner under subsection 250‑150(5).
 (3) A person who is dissatisfied with a determination or decision to which this section applies may object against the determination or decision in the manner set out in Part IVC of the Taxation Administration Act 1953.

Division 253—Financial claims scheme for account‑holders with insolvent ADIs

Table of Subdivisions
253‑A Tax treatment of entitlements under financial claims scheme

Subdivision 253‑A—Tax treatment of entitlements under financial claims scheme

Guide to Subdivision 253‑A

253‑1  What this Subdivision is about

      This Act applies to a payment of an entitlement under Division 2AA (Financial claims scheme for account‑holders with insolvent ADIs) of Part II of the Banking Act 1959 as if the payment were made by the ADI under the agreement for the account concerned.
      Special rules prevent the arising and payment of such an entitlement from creating inappropriate capital gains or losses affecting assessable income.

Table of sections

Operative provisions
253‑5 Payment of entitlement under financial claims scheme treated as payment from ADI
253‑10 Disposal of rights against ADI to APRA and meeting of financial claims scheme entitlement have no CGT effects
253‑15 Cost base of financial claims scheme entitlement and any remaining part of account that gave rise to entitlement

Operative provisions

253‑5  Payment of entitlement under financial claims scheme treated as payment from ADI
 (1) This Act applies to you as if an amount paid to you, or applied for your benefit, to meet your entitlement under Division 2AA (Financial claims scheme for account‑holders with insolvent ADIs) of Part II of the Banking Act 1959 connected with an account with an *ADI had been paid to you by the ADI under the terms and conditions of the agreement for keeping the account.
Note: This section has effect subject to more detailed provisions about:
(a) entitlements relating to retirement savings accounts (see section