Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p12
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 12/14)
Character Range: 5071629–5074436

prescribed entity for assignment of your rights under or in relation to a *general insurance policy you held with an *HIH company:
 (a) had been made by the HIH company; and
 (b) had been made under the terms and conditions of the general insurance policy you held with the HIH company.
 (2) The HIH Trust is the HIH Claims Support Trust (established on 6 July 2001).
 (3) An HIH company is:
 (a) CIC Insurance Limited; or
 (b) FAI General Insurance Company Limited; or
 (c) FAI Reinsurances Pty Limited; or
 (d) FAI Traders Insurance Company Pty Limited; or
 (e) HIH Casualty and General Insurance Limited; or
 (f) HIH Underwriting and Insurance (Australia) Pty Limited; or
 (g) World Marine and General Insurances Pty Limited; or
 (h) another related company specified in writing by the Commissioner.

322‑10  HIH Trust exempt from tax
  The total *ordinary income and *statutory income of:
 (a) the HIH Trust; and
 (b) an entity prescribed for the purposes of this Division;
is exempt from income tax.

322‑15  Certain capital gains and capital losses disregarded
  A *capital gain or *capital loss you make because you assign a right under or in relation to a *general insurance policy you held with an *HIH company to the Commonwealth, the trustee of the *HIH Trust or a prescribed entity is disregarded.

Subdivision 322‑B—Tax treatment of entitlements under financial claims scheme

Guide to Subdivision 322‑B

322‑20  What this Subdivision is about

      This Act applies to a payment of an entitlement under Part VC (Financial claims scheme for policyholders with insolvent general insurers) of the Insurance Act 1973 as if the payment were made by the insurer under the insurance policy concerned.
      Disregard a capital gain or loss from:

                (a) the disposal to APRA under that Part of rights against the insurer under an insurance policy; or
                (b) the payment of an entitlement under that Part.

Table of sections

Operative provisions
322‑25 Payment of entitlement under financial claims scheme treated as payment from insurer
322‑30 Disposal of rights against insurer to APRA and meeting of financial claims scheme entitlement have no CGT effects

Operative provisions

322‑25  Payment of entitlement under financial claims scheme treated as payment from insurer
 (1) This Act applies to you as if an amount paid to you, or applied for your benefit, to meet your entitlement under Part VC (Financial claims scheme for policyholders with insolvent general insurers) of the Insurance Act 1973 relating to a *general insurance policy issued by a *general insurance company had been paid to you by the company under the terms and conditions of the policy.
 (2) To avoid doubt, subsection (1) does not affect the operation of Part 2‑5 in Schedule 1 to the Taxation