Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:2_84:p15
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 2 cl 84 (pt 15/26)
Character Range: 167373–169976

company can transfer, to the *virtual PST, assets of any kind that have a total transfer value not exceeding the difference.

 (3) A transfer of assets under subsection (1) is taken to have been made in the income year at the end of which the valuation time occurred.

 (4) If a transfer of assets under subsection (2) is made within 30 days after the day on which the valuations of the *transfer values of those assets are made, the transfer is taken to have been made in the income year at the end of which the valuation time occurred.

320‑185  Transfer of assets to virtual PST otherwise than as a result of an annual valuation

 (1) If a *life insurance company determines, at a time other than a valuation time, that the total *transfer value of the *virtual PST assets is less than the sum of:
 (a) its *virtual PST liabilities; and
 (b) any reasonable provision made by it in its accounts for liability for tax on unrealised gains in respect of those assets; and
 (c) the total amount of any unpaid *PAYG instalments relating to the *virtual PST component of the *complying superannuation class of the company's taxable income for the income year;
the company can transfer, to the *virtual PST, assets of any kind having a total transfer value not exceeding the difference.

 (2) A *life insurance company can at any time transfer an asset of any kind to a *virtual PST in exchange for an amount of money equal to the *transfer value of the asset at the time of the transfer.

 (3) A *life insurance company can transfer to a *virtual PST in an income year assets of any kind having a total *transfer value not exceeding the total amount of the *life insurance premiums paid to the company in that income year for the purchase of *virtual PST life insurance policies.

 (4) Except as provided by this section and subsection 320‑180(2), a *life insurance company cannot transfer an asset to a *virtual PST.

320‑190  Virtual PST liabilities

 (1) The amount of the *virtual PST liabilities of a *life insurance company is to be worked out in accordance with subsection (2) in respect only of *life insurance policies issued by the company:
 (a) that are *virtual PST life insurance policies; and
 (b) the liabilities under which are to be discharged out of the company's *virtual PST assets.

 (2) The amount of the virtual PST liabilities of a *life insurance company at a particular time is the sum of the following amounts at that time, as calculated by an *actuary:
 (a) for policies providing for *participating benefits or *discretionary benefits:
 (i) the values of supporting assets, as