Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p5
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 5/9)
Character Range: 695140–697769

total transfer values of those assets just after the transfer; and
 (b) the total transfer values of the segregated exempt assets of the member life insurance company just before a transfer of assets to which this Subdivision applies must be the same as the total transfer values of those assets just after the transfer.
 (3) Any transfer of an asset under the deferral event must happen on or before the later of:
 (a) 30 June 2004; and
 (b) if the head company of the consolidated group of which the member life insurance company is a member has a substituted accounting period—the end of the head company's income year in which 30 June 2004 occurs.

713‑525  Time of transfer
  This Act, and the Income Tax Assessment Act 1997, apply to the transfer of an asset to which this Subdivision applies as if the asset had been transferred just before the member life insurance company became a member of the consolidated group.

713‑530  What the relief is
 (1) For a section 713‑505 case:
 (a) if the originating entity is a company:
 (i) any amount (other than a capital gain) that would have been included in the originating entity's assessable income (the deferred amount) as a result of the deferral event is not so included; and
 (ii) any capital gain (the deferred gain) that the originating entity would have made as a result of the deferral event is disregarded; and
 (b) if the originating entity is a trust:
 (i) any amount (other than a capital gain) that would have been included in the member life insurance company's assessable income (also the deferred amount) as a result of the deferral event is not so included; and
 (ii) any capital gain (also the deferred gain) that the member life insurance company would have made as a result of the deferral event is disregarded.
 (2) For a section 713‑510 case:
 (a) any amount that would have been included in the member life insurance company's assessable income (also the deferred amount) under paragraph 320‑15(e) or (g) of the Income Tax Assessment Act 1997 as a result of the deferral event is not so included; and
 (b) any capital gain (also the deferred gain) that the member life insurance company would have made as a result of the deferral event is disregarded.

713‑535  Subsequent consequences
 (1) This section operates if, after the deferral event happens, another event (the new event) happens where the new event is:
 (a) a CGT event happening to:
 (i) the original asset; or
 (ii) if the deferral event was CGT event C2—the replacement asset; or
 (b) the recipient entity ceasing to be a member of the consolidated group of which the member life insurance