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Taxation Laws Amendment (Demutualisation of Non-insurance Mutual Entities) Bill 1999
Schedule 2 Income Tax Assessment Act 1997

   

1  Section 109-60 (after table item 4)

Insert:

4A

CGT event happens to CGT asset in connection with the demutualisation of a mutual entity other than an insurance company

on the demutualisation resolution day

Division 326

2  Section 112-97 (after table item 5)

Insert:

5A

CGT event happens to CGT asset in connection with the demutualisation of a mutual entity other than an insurance company

First element of cost base and reduced cost base

Division 326

3  At the end of section 124-520

Add:

             (3)  This section does not apply if the body is a mutual entity that is being demutualised and to whose demutualisation Division 326 of the Income Tax Assessment Act 1936 applies.

 

 

 

[ Minister’s second reading speech made in—

House of Representatives on 11 March 1999

Senate on 21 June 1999 ]

 

 

(20/99)