Income Tax (Transitional Provisions) Act 1997

all or part of the life insurance business of a life insurance company (the originating company) is transferred to another life insurance company (the recipient company):

in accordance with a scheme confirmed by the Federal Court of Australia under Part 9 of the Life Insurance Act 1995; or

under the Financial Sector (Transfers of Business) Act 1999; and

the originating company makes a capital loss from a CGT asset as a result of the transfer; and

that capital loss is disregarded because of Subdivision 126‑B of this Act;

that capital loss were a net capital loss transferred by the originating company to the recipient company by an agreement under section 170‑150 of that Act; and

the application year referred to in section 170‑225 of that Act were the year in which the transfer of life insurance business took place.