Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:2_84:p12
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 2 cl 84 (pt 12/26)
Character Range: 160132–162840

using the following formula are, in calculating the sum referred to in subsection (1), taken not to have been credited:

320‑160  Taxable income and RSA component in certain cases

 (1) This section applies if:
 (a) a *life insurance company that is an *RSA provider has no taxable income; or
 (b) the taxable income of a life insurance company that is an RSA provider does not include any *complying superannuation class; or
 (c) the complying superannuation class of the taxable income of a life insurance company that is an RSA provider is less than the *RSA component.

 (2) If, apart from this subsection, a *life insurance company that is an *RSA provider has no taxable income or its taxable income is less than the *RSA component:
 (a) the company is taken to have both a taxable income and a *tax loss for the income year; and
 (b) the taxable income is taken to be equal to the RSA component; and
 (c) the tax loss is taken to be the amount that would have been the company's tax loss if the RSA component had not been income derived by the company; and
 (d) the *complying superannuation class of the taxable income is taken to be equal to the RSA component; and
 (e) the *ordinary class of the company's taxable income is taken to be nil.

 (3) If, apart from this subsection, the taxable income of a *life insurance company that is an *RSA provider is equal to or greater than the *RSA component:
 (a) the *complying superannuation class of the taxable income is taken to be equal to the RSA component; and
 (b) an amount equal to the difference between the RSA component and the amount that would, apart from this subsection, have been the complying superannuation class of the taxable income is to be applied in reducing the *ordinary class of taxable income.

Subdivision 320‑F—Virtual PST component of complying superannuation class

Guide to Subdivision 320‑F

320‑165  What this Subdivision is about

      This Subdivision explains:
         • how a life insurance company can segregate assets (to be known as a virtual PST) to be used for the sole purpose of discharging its complying superannuation liabilities
         • how the virtual PST component of the complying superannuation class of taxable income is worked out.

Table of sections

Operative provisions

320‑170 Establishment of virtual PST
320‑175 Annual valuations of virtual PST assets
320‑180 Consequences of annual valuation
320‑185 Transfer of assets to virtual PST otherwise than as a result of an annual valuation
320‑190 Virtual PST liabilities
320‑195 Transfer of assets and payment of amounts from a virtual PST otherwise than as a result of an annual valuation
320‑200 Consequences of transfer of assets to or