Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p4
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 4/30)
Character Range: 6154077–6157115

certain assets and liabilities at joining time

Losses of life insurance companies joining consolidated group
713‑530 Treatment of certain losses of life insurance company

Losses of life insurance companies' subsidiaries joining consolidated group
713‑535 Losses of entities whose membership interests are complying superannuation assets of life insurance company
713‑540 Losses of entities whose membership interests are segregated exempt assets of life insurance company

Imputation rules for life insurance companies joining consolidated group
713‑545 Treatment of franking surplus in franking account of life insurance subsidiary joining group
713‑550 Treatment of head company's franking account after joining

Liabilities for life insurance companies leaving consolidated group
713‑565 Treatment of certain liabilities for income year when life insurance company leaves consolidated group

Losses for life insurance companies leaving consolidated group
713‑570 Certain losses transferred to leaving company

Tax cost setting rules for life insurance companies leaving consolidated group
713‑575 Terminating value of certain assets where life insurance company leaves group
713‑580 Valuing certain liabilities where life insurance company leaves group
713‑585 Obligation to value certain assets and liabilities at leaving time

General modifications for life insurance companies

713‑505  Head company treated as a life insurance company
  This Act, and the Income Tax Rates Act 1986, apply to the *head company of a *consolidated group as if it were a *life insurance company for an income year if one or more life insurance companies are *subsidiary members of the group at any time during that year.

713‑510  Certain subsidiaries of life insurance companies cannot be members of consolidated group
 (1) An entity cannot be a *subsidiary member of a *consolidated group or *consolidatable group of which a *life insurance company is a *member if:
 (a) the life insurance company owns, either directly or indirectly through one or more interposed entities, all the *membership interests in the entity and either:
 (i) some, but not all, of the membership interests described in subsection (3) (the key interests) are *complying superannuation assets of the life insurance company; or
 (ii) some, but not all, of the key interests are *segregated exempt assets of the life insurance company; or
 (b) the life insurance company owns, either directly or indirectly through one or more interposed entities, only some of the membership interests in the entity and any of the key interests are complying superannuation assets or segregated exempt assets of the life insurance company.
Note: The entity could, however, be a member of another consolidated group or consolidatable group.
 (2) An entity cannot continue to be a *subsidiary member of a *consolidated group of which a *life insurance company is a *member if:
 (a) the life insurance company owns, either directly or indirectly through one or more interposed entities, all the