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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-35 - INSURANCE BUSINESS    View history reference

Division 322 - Assistance for policyholders with insolvent general insurers    View history reference

Subdivision 322-B - Tax treatment of entitlements under financial claims scheme    View history reference

Operative provisions

SECTION 322-30  

322-30  Disposal of rights against insurer 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 because:


(a) under section 62ZZL of the Insurance Act 1973, you *dispose of a *CGT asset consisting of your rights against a *general insurance company to *APRA; or


(b) your entitlement under Division 3 of Part VC of that Act is met.

Note 1:

Section 62ZZL of the Insurance Act 1973 causes you to cease to be the owner, and APRA to become the owner, of rights against a general insurance company relating to a general insurance policy when your entitlement arises under Part VC of that Act in relation to the policy.

Note 2:

Division 3 of Part VC of the Insurance Act 1973 entitles persons with valid claims based on general insurance policies issued by certain general insurance companies that have since become insolvent to be paid the amount of those claims by APRA.


 



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