INCOME TAX ASSESSMENT ACT 1997 - SECT 149.165 Members treated as having underlying interests in assets until demutualisation

INCOME TAX ASSESSMENT ACT 1997 - SECT 149.165

  (1)   This section modifies the treatment of evidence that an entity gives the Commissioner under section   149 - 55 as to the * ultimate owners who had * underlying interests in the asset at a particular time if the entity:

  (a)   was:

  (i)   a * mutual insurance company; or

  (ii)   a * mutual affiliate company;

    at the end of the * starting day (as determined under subsection   149 - 60(6)); and

  (b)   has since stopped being a company of either of those kinds, but either:

  (i)   has continued in existence as a company covered by paragraph   149 - 50(1)(a) or (e) or a * publicly traded unit trust; or

  (ii)   has undergone a demutualisation in relation to which Division   316 (Demutualisation of friendly society health or life insurers) applied and has continued in existence as a company; and

  (c)   when it stopped being an entity of either of those kinds (the stopping time ), had more than 50 members.

  (2)   The entity may require the Commissioner to treat the evidence on the assumption that an * ultimate owner who:

  (a)   immediately before the stopping time was a member of the entity; and

  (b)   immediately after the stopping time had an * underlying interest in the asset;

had the interest at all times from and including the end of the * starting day until immediately after the stopping time.