Document ID: chunk:federal_register_of_legislation:C2010C00648:clause:1_28
Version: federal_register_of_legislation:C2010C00648
Segment Type: clause
Provision Reference: sch 1 cl 28
Character Range: 29312–30132

28  Section 320‑87
Repeal the section, substitute:

320‑87  Deduction for assets transferred from or to virtual PST

 (1) A *life insurance company can deduct the *transfer values of assets that are transferred by the company in the income year from a *virtual PST under subsection 320‑180(1) or 320‑195(3).

 (2) A *life insurance company can deduct the *transfer values of assets that are transferred by the company in the income year to a *virtual PST under subsection 320‑180(3) or 320‑185(1).

 (3) If an asset (other than money) is transferred by a *life insurance company:
 (a) from a *virtual PST under subsection 320‑180(1) or 320‑195(2) or (3); or
 (b) to a virtual PST under subsection 320‑180(3) or section 320‑185;
the company can deduct the amount (if any) that it can deduct because of section 320‑200.