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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS    View history reference

Division 253 - Financial claims scheme for account-holders with insolvent ADIs    View history reference

Subdivision 253-A - Tax treatment of entitlements under financial claims scheme    View history reference

Operative provisions

SECTION 253-10  

253-10  Disposal of rights against ADI to APRA and meeting of financial claims scheme entitlement have no CGT effects  

 View history reference
Disregard a *capital gain or *capital loss you make:


(a) because of the operation of section 16AI of the Banking Act 1959; or


(b) because your entitlement under Subdivision C of Division 2AA of Part II of that Act is met.

Note:

Section 16AI of the Banking Act 1959 reduces the right of an account-holder who has a protected account with a declared ADI to be paid an amount by the ADI, by the account-holder's entitlement under Subdivision C of Division 2AA of Part II of that Act to be paid an amount by APRA in connection with the account.


 



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