Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p41
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 41/64)
Character Range: 501491–504166

of a life insurance company that is a friendly society for the purpose of providing superannuation benefits to its members are transferred before 1 July 2001 to a complying superannuation fund; and
 (b) the persons who had interests in those assets immediately before the transfer had substantially the same interests in the assets after the transfer;
the transfer is disregarded for any purposes of the Income Tax Assessment Act 1997 or the Income Tax Assessment Act 1936.

Subdivision 320‑C—Deductions and capital losses

Table of sections
320‑85 Deduction for increase in value of liabilities under risk components of life insurance policies

320‑85  Deduction for increase in value of liabilities under risk components of life insurance policies
 (1) In working out the amount that a life insurance company can deduct, in respect of life insurance policies that are disability policies (other than continuous disability policies) under subsection 320‑85(1) of the Income Tax Assessment Act 1997 for the income year in which 1 July 2000 occurs, the value of the company's liabilities under the net risk components of the policies at the end of the previous income year is taken to be the value of the liabilities as at the end of 30 June 2000 relating to those policies that was used by the company for the purposes of its return of income.
 (2) In working out the amount that a life insurance company can deduct, in respect of life insurance policies (other than policies to which subsection (1) applies) under subsection 320‑85(1) of the Income Tax Assessment Act 1997 for the income year in which 1 July 2000 occurs, the value of the company's liabilities under the net risk components of the policies at the end of the previous income year is taken to be the value of the company's liabilities as at the end of 30 June 2000 under the net risk components relating to those policies as calculated under subsection 320‑85(4) of that Act.

Subdivision 320‑D—Taxable income and tax loss of life insurance companies

Table of sections
320‑100 Savings—tax losses of previous income years

320‑100  Savings—tax losses of previous income years
  If:
 (a) a life insurance company has a tax loss for an income year ending before 1 July 2000; and
 (b) all or a part of that tax loss is carried forward to the income year that includes that date;
so much of that tax loss as is so carried forward has effect as if it were a tax loss of the ordinary class.

Subdivision 320‑F—Virtual PST

Table of sections
320‑170 Transfer of part of an asset to a virtual PST
320‑175 Transfers of assets to virtual PST
320‑180 Deferred annuities purchased before 1 July 2007

320‑170  Transfer of