Income Tax (Transitional Provisions) Act 1997

For a section 713‑505 case:

if the originating entity is a company:

any amount (other than a capital gain) that would have been included in the originating entity’s assessable income (the deferred amount) as a result of the deferral event is not so included; and

any capital gain (the deferred gain) that the originating entity would have made as a result of the deferral event is disregarded; and

if the originating entity is a trust:

any amount (other than a capital gain) that would have been included in the member life insurance company’s assessable income (also the deferred amount) as a result of the deferral event is not so included; and

any capital gain (also the deferred gain) that the member life insurance company would have made as a result of the deferral event is disregarded.

For a section 713‑510 case:

any amount that would have been included in the member life insurance company’s assessable income (also the deferred amount) under paragraph 320‑15(e) or (g) of the Income Tax Assessment Act 1997 as a result of the deferral event is not so included; and

any capital gain (also the deferred gain) that the member life insurance company would have made as a result of the deferral event is disregarded.