INCOME TAX ASSESSMENT ACT 1997 - SECT 126.190 When there is a roll - over

INCOME TAX ASSESSMENT ACT 1997 - SECT 126.190

    There is a roll - over if:

  (a)   an insurance company demutualises; and

  (b)   the trustee of a trust holds a * share issued under the demutualisation in trust for an entity to whom the share would have been issued if the entity could, and were in a position to, prove the entity's entitlement to the share; and

  (c)   the trustee obtains a roll - over under Subdivision   124 - M of this Act (Scrip for scrip roll - over) for the share because the trustee exchanges the share for a share (the replacement share ) in another company (whether or not the trustee receives something in addition to the replacement share); and

  (d)   a * CGT event happens in relation to the replacement share because the entity becomes absolutely entitled to the share as against the trustee.

Note:   This Subdivision does not apply to the demutualisation of a private health insurer: see section   315 - 160.