INCOME TAX ASSESSMENT ACT 1997 - SECT 322.20 What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997 - SECT 322.20
What this Subdivision is aboutThis Act applies to a payment of an entitlement under Part VC (Financial claims scheme for policyholders with insolvent general insurers) of the Insurance Act 1973 as if the payment were made by the insurer under the insurance policy concerned.
Disregard a capital gain or loss from:
(a) the disposal to APRA under that Part of rights against the insurer under an insurance policy; or
322 - 25 Payment of entitlement under financial claims scheme treated as payment from insurer
322 - 30 Disposal of rights against insurer to APRA and meeting of
financial claims scheme entitlement have no CGT effects