Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p53
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 53/79)
Character Range: 4972472–4975358

losses of the following classes for the purposes of working out its income tax for an income year:
 (i) the *complying superannuation class;
 (ii) the *ordinary class; and
 (d) contains other provisions necessary to enable the income tax on the taxable income of a life insurance company to be worked out.
Note: Section 320‑5 of the Income Tax (Transitional Provisions) Act 1997 provides that the tax consequences of certain transfers of assets of a life insurance company that is a friendly society to a complying superannuation fund are to be disregarded.

Subdivision 320‑B—What is included in a life insurance company's assessable income

Guide to Subdivision 320‑B

320‑10  What this Subdivision is about
      This Subdivision provides for certain amounts to be included in a life insurance company's assessable income and for certain other amounts to be exempt income or non‑assessable non‑exempt income.

Table of sections

Operative provisions
320‑15 Assessable income—various amounts
320‑30 Assessable income—special provision for certain income years
320‑35 Exempt income
320‑37 Non‑assessable non‑exempt income
320‑45 Tax treatment of gains or losses from CGT events in relation to complying superannuation assets

Operative provisions

320‑15  Assessable income—various amounts
 (1) A *life insurance company's assessable income includes:
 (a) the total amount of the *life insurance premiums paid to the company in the income year; and
 (b) amounts received or recovered under *contracts of reinsurance (except amounts that relate to a risk, or part of a risk, in relation to which subsection 148(1) of the Income Tax Assessment Act 1936 applies) to the extent to which they relate to the *risk components of claims paid under *life insurance policies; and
 (c) any amount received or recovered that is a refund, or in the nature of a refund, of the life insurance premium paid under a contract of reinsurance (except any amount that relates to a risk, or part of a risk, in relation to which subsection 148(1) of the Income Tax Assessment Act 1936 applies); and
 (ca) any reinsurance commission received or recovered by the company in respect of a contract of reinsurance (except any commission that relates to a risk, or part of a risk, in relation to which subsection 148(1) of the Income Tax Assessment Act 1936 applies); and
 (d) any amount received under a profit‑sharing arrangement contained in, or entered into in relation to, a contract of reinsurance; and
 (da) the *transfer values of assets transferred by the company from a *complying superannuation asset pool under subsection 320‑180(1) or 320‑195(3); and
 (db) the transfer values of assets transferred by the company to a complying superannuation asset pool under subsection 320‑180(3) or 320‑185(1); and
 (e) if an asset (other than money) is transferred from or to a complying superannuation asset pool