INCOME TAX ASSESSMENT ACT 1997 - SECT 315.155 Trustee assessed if assets dealt with not for benefit of lost policy holder

INCOME TAX ASSESSMENT ACT 1997 - SECT 315.155

  (1)   This section applies in relation to a * capital gain from a * CGT event if:

  (a)   the CGT event happens in relation to an asset held by the trustee of a lost policy holders trust; and

  (b)   section   315 - 150 does not apply to the CGT event.

  (2)   If this section applies:

  (a)   sections   115 - 215 and 115 - 220 do not apply in relation to the * capital gain; and

  (b)   for the purposes of this Act, the trustee is taken to be * specifically entitled to all of the capital gain.