Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:2_84:p4
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 2 cl 84 (pt 4/26)
Character Range: 139672–142613

and statutory income derived from *segregated exempt assets, being income that relates to the period during which the assets were segregated exempt assets;
 (c) amounts of ordinary income and statutory income received from the *disposal of units in a *pooled superannuation trust;
 (d) if an *Australian/overseas fund or an *overseas fund established by the company derived *foreign establishment amounts—the non‑resident proportion of the foreign establishment amounts;
 (e) if the company is an *RSA provider—any amounts that, except for the operation of subsections 320‑155(3) and (4), would have been taken into account under subsection 320‑155(1) in calculating the *RSA component of the *complying superannuation class of the company's taxable income;
 (f) if the company is a *friendly society:
 (i) amounts received before 1 July 2001 that are exempt from income tax under section 50‑1; and
 (ii) amounts received on or after that date that are attributable to *income bonds, *funeral policies or *scholarship plans issued before 1 December 1999.

 (2) For the purposes of paragraph (1)(d), the non‑resident proportion of the *foreign establishment amounts is the amount worked out using the formula:
where:

all foreign establishment policy liabilities means the total of the policy liabilities (as defined in the *Valuation Standard), calculated by an *actuary, for all *life insurance policies included in the class of *life insurance business to which the company's *Australian/overseas fund or *overseas fund relates that were issued by the permanent establishment of the company in the foreign country.

non‑resident foreign establishment policy liabilities means the total of the company's policy liabilities (as defined in the Valuation Standard), calculated by an actuary, for *non‑resident life insurance policies.

320‑40  Exemption of one‑third of certain management fees received under contracts made before 1 July 2000

 (1) One‑third of a *life insurance company's *specified management fees for the income year in respect of *life insurance policies constituted by contracts made with the company before 1 July 2000 are exempt from income tax.

 (2) This section does not apply to amounts that become *specified management fees after 30 June 2005.

 (3) There are no *specified management fees in respect of *life insurance policies that, at 30 June 2000, were:
 (a) policies under which amounts are to be paid only on the death or disability of a person; or
 (b) policies to which both of the following apply:
 (i)  the policies provide for *participating benefits or *discretionary benefits;
 (ii) the policies do not become policies under which the company's liabilities are to be discharged out of its *virtual PST assets or its *segregated exempt assets.

 (4) The specified management fees for the income year in respect of *life insurance policies to which subsection (3) does not apply are so much of the sum