Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p65
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 65/79)
Character Range: 5003070–5005640

of the company's taxable income for the income year and that the income tax constitutes only one debt to the Commonwealth.

Working out the income tax on certain assumptions
 (3) Subsection (1) also has effect in relation to working out an amount that would be the company's income tax if certain assumptions were made. It has that effect in the same way as it has effect in relation to working out the company's income tax under section 4‑10 (except in regard to those assumptions).
Note: This means, for example, subsection (1) also has effect in relation to working out the amount of a life insurance company's income tax on the basis of the tax offset priority rules in Division 63.

320‑135  Taxable income and tax loss of each of the 2 classes
 (1) Subject to the other provisions in this Subdivision:
 (a) this Act has effect for a *life insurance company in relation to working out a taxable income of a particular *class in the same way as it has effect in relation to working out a taxable income of any other company; and
 (b) this Act has effect for a life insurance company in relation to working out or deducting a *tax loss of a particular class in the same way as it has effect in relation to working out or deducting a tax loss of any other company.
 (2) Sections 320‑137 to 320‑143 have effect in addition to other provisions in this Act that relate to working out a taxable income or *tax loss, or deducting a tax loss (as appropriate).
 (3) Nothing in this Subdivision prevents a *life insurance company from:
 (a) having taxable incomes, or *tax losses, of both *classes for the same income year; or
 (b) having a taxable income of one class and a tax loss of the other class for the same income year.
Note: In certain circumstances, a life insurance company can have a taxable income and a tax loss of the same class in an income year (see Subdivision 165‑B as it has effect under this Subdivision).

Taxable income and tax loss of life insurance companies

320‑137  Taxable income—complying superannuation class
 (1) A *life insurance company's taxable income of the complying superannuation class is a taxable income worked out under this Act on the basis of only:
 (a) assessable income of the company that is covered by subsection (2); and
 (b) deductions of the company that are covered by subsection (4); and
 (c) *tax losses of the company that are of the *complying superannuation class.
Note: For the usual way of working out a taxable income: see subsection 4‑15(1). For other ways of working out a taxable income: see subsection 4‑15(2).