Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p67
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 67/79)
Character Range: 5007877–5010704

equal to the amount worked out using the following formula:
 (3A) An *annuity is covered by this subsection if it is a *superannuation income stream that is in the *retirement phase.

Relevant deductions
 (4) This subsection covers the following deductions of a *life insurance company:
 (a) amounts that the company can deduct under section 320‑55;
 (b) amounts that the company can deduct (other than any *tax losses) in respect of the investment of the company's *complying superannuation assets in relation to the period during which those assets were complying superannuation assets;
 (c) amounts that the company can deduct under section 320‑87 because of subsection (1) or paragraph (3)(a) of that section;
 (d) amounts that the company can deduct under subsection 115‑280(1).

320‑139  Taxable income—ordinary class
  A *life insurance company's taxable income of the ordinary class is a taxable income worked out under this Act on the basis of only:
 (a) assessable income of the company that is not covered by subsection 320‑137(2); and
 (b) amounts (other than *tax losses) that the company can deduct and are not covered by subsection 320‑137(4); and
 (c) tax losses of the company that are of the *ordinary 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).

320‑141  Tax loss—complying superannuation class

Working out a tax loss of the complying superannuation class
 (1) A *life insurance company's *tax loss of the complying superannuation class is a tax loss worked out under this Act on the basis of only:
 (a) assessable income of the company that is covered by subsection 320‑137(2); and
 (b) deductions of the company that are covered by subsection 320‑137(4); and
 (c) *net exempt income of the company that is attributable to *exempt income *derived:
 (i) from the company's *complying superannuation assets; and
 (ii) in relation to the period during which those assets were complying superannuation assets.
Note: For the usual way of working out a tax loss: see section 36‑10. For other ways of working out a tax loss: see section 36‑25.

Deducting a tax loss of the complying superannuation class
 (2) A *life insurance company's *tax loss of the complying superannuation class can be deducted under this Act only from:
 (a) *net exempt income of the company that is attributable to *exempt income *derived:
 (i) from the company's *complying superannuation assets; and
 (ii) in relation to the period during which those assets were complying superannuation assets; and
 (b) assessable income of the company that is covered by subsection 320‑137(2), reduced by deductions of the company that are covered by subsection 320‑137(4).
Note: For the usual way of deducting a tax loss: see section