Document ID: chunk:federal_register_of_legislation:C2010C00603:clause:12_10
Version: federal_register_of_legislation:C2010C00603
Segment Type: clause
Provision Reference: sch 12 cl 10
Character Range: 172488–173570

10  At the end of Division 170
Add:

Subdivision 170‑D—Transfer of life insurance business

170‑300  Transfer of life insurance business

  If:
 (a) all or part of the life insurance business of a life insurance company (the originating company) is transferred to another life insurance company (the recipient company):
 (i) in accordance with a scheme confirmed by the Federal Court of Australia under Part 9 of the Life Insurance Act 1995; or
 (ii) under the Financial Sector (Transfers of Business) Act 1999; and
 (b) the originating company makes a capital loss from a CGT asset as a result of the transfer; and
 (c) that capital loss is disregarded because of Subdivision 126‑B of this Act;
Subdivision 170‑C of the Income Tax Assessment Act 1997 has effect as if:
 (d) that capital loss were a net capital loss transferred by the originating company to the recipient company by an agreement under section 170‑150 of that Act; and
 (e) the application year referred to in section 170‑225 of that Act were the year in which the transfer of life insurance business took place.