s 320-5
In forceLife insurance companies that are friendly societies
Chapter 3Specialist liability rules
Part 3-35Insurance business
Division 320Life insurance companies
Subdivision 320-APreliminary
320-5 Life insurance companies that are friendly societies
If:
(a)
any assets held by the benefit funds of a life insurance company that is a friendly society for the purpose of providing superannuation benefits to its members are transferred before 1 July 2001 to a complying superannuation fund; and
(b)
the persons who had interests in those assets immediately before the transfer had substantially the same interests in the assets after the transfer;
the transfer is disregarded for any purposes of the Income Tax Assessment Act 1997 or the Income Tax Assessment Act 1936.
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