Document ID: chunk:federal_register_of_legislation:C2010C00648:clause:1_83
Version: federal_register_of_legislation:C2010C00648
Segment Type: clause
Provision Reference: sch 1 cl 83
Character Range: 68259–69844

83  Subsection 320‑230(1)
Repeal the subsection, substitute:

 (1) If:
 (a) a life insurance company had a liability before 1 July 2000 under a life insurance policy where the income of the company attributable to the liability was exempt from tax before that date; and
 (b) the liability or a part of the liability is to be discharged out of the company's segregated exempt assets; and
 (c) there is a transfer of the company's assets to the segregated exempt assets to meet that liability or that part of the liability;
then, to the extent to which the assets are transferred to meet that liability or that part of the liability:
 (d) if the transfer occurs before 1 October 2000—the transfer is to be disregarded for the purposes of the Income Tax Assessment Act 1997; or
 (e) if the transfer occurs on or after 1 October 2000—the transfer is to be disregarded for the purposes of that Act, except:
 (i) section 320‑255 of that Act; and
 (ii) any other provisions that rely on the operation of that section (for example, paragraph 320‑15(1)(g) of that Act).

Note: This means, amongst other things, that a life insurance company to which this subsection applies will not be able to claim a deduction in respect of the transfer under subsection 320‑105(1) of that Act.

 (1A) If subsection (1) has applied to a life insurance company in respect of a transfer of assets to meet a liability or a part of a liability, that subsection does not apply again in respect of another transfer of assets to meet that liability or that part of the liability.

Taxation Administration Act 1953