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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 about

This 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

  (b)   the payment of an entitlement under that Part.

Table of sections

Operative provisions

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

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