INCOME TAX ASSESSMENT ACT 1997 - SECT 316.175 Trustee assessed if shares or rights dealt with not for benefit of beneficiary of lost policy holders trust
INCOME TAX ASSESSMENT ACT 1997 - SECT 316.175
Trustee assessed if shares or rights dealt with not for benefit of beneficiary of lost policy holders trust(1) This section applies in relation to a * capital gain from a * CGT event if:
(a) the CGT event happens in relation to a demutualisation asset that:
(i) is a * share or a right to * acquire a share; and
(ii) is held by the trustee of a lost policy holders trust; and
(b) section 316 - 170 does not apply to the CGT event.
(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.