Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p57
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 57/79)
Character Range: 4982832–4985941

(as calculated by an *actuary) of the policy liabilities (as defined in the *Valuation Standard) for all *life insurance policies that:
 (a) are *foreign resident life insurance policies; and
 (b) were issued by the company at or through the *permanent establishment to which the foreign establishment amounts relate.

320‑45  Tax treatment of gains or losses from CGT events in relation to complying superannuation assets
 (1) If a *CGT event happens in respect of a *CGT asset that is a *complying superannuation asset of a *life insurance company, section 295‑85 and 295‑90 applies for the purpose of working out the amount of any *capital gain or *capital loss that arises from the event.
Note: See Subdivision 295‑B of the Income Tax (Transitional Provisions) Act 1997 for rules about cost base for assets owned by superannuation entities at the end of 30 June 1988.
 (2) Subsection (1) has effect despite anything in Division 230.

Subdivision 320‑C—Deductions and capital losses

Guide to Subdivision 320‑C

320‑50  What this Subdivision is about
      This Subdivision specifies particular deductions that are available to a life insurance company, specifies particular amounts that a life insurance company cannot deduct and contains provisions relating to a life insurance company's capital losses.

Table of sections

Operative provisions
320‑55 Deduction for life insurance premiums where liabilities under life insurance policies are to be discharged from complying superannuation assets
320‑60 Deduction for life insurance premiums where liabilities under life insurance policies are to be discharged from segregated exempt assets
320‑65 Deduction for life insurance premiums in respect of life insurance policies that provide for participating or discretionary benefits
320‑70 No deduction for life insurance premiums in respect of certain life insurance policies payable only on death or disability
320‑75 Deduction for ordinary investment policies
320‑80 Deduction for certain claims paid under life insurance policies
320‑85 Deduction for increase in value of liabilities under net risk components of life insurance policies
320‑87 Deduction for assets transferred from or to complying superannuation asset pool
320‑100 Deduction for life insurance premiums paid under certain contracts of reinsurance
320‑105 Deduction for assets transferred to segregated exempt assets
320‑110 Deduction for interest credited to income bonds
320‑111 Deduction for funeral policy payout
320‑112 Deduction for scholarship plan payout
320‑115 No deduction for amounts credited to RSAs
320‑120 Capital losses from assets other than complying superannuation assets or segregated exempt assets
320‑125 Capital losses from complying superannuation assets

Operative provisions

320‑55  Deduction for life insurance premiums where liabilities under life insurance policies are to be discharged from complying superannuation assets
 (1) This section applies to a *life insurance company in respect of *life insurance policies where the company's liabilities under the policies are to be discharged out of *complying