Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:2_84:p2
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 2 cl 84 (pt 2/26)
Character Range: 134482–137401

to enable the taxable income of a life insurance company to be worked out.

Note: Section 320‑5 of the Income Tax (Transitional Provisions) Act 1997 provides that the tax consequences of certain transfers of assets of a life insurance company that is a friendly society to a complying superannuation fund are to be disregarded.

Subdivision 320‑B—What is included in a life insurance company's assessable income

Guide to Subdivision 320‑B

320‑10  What this Subdivision is about

      This Subdivision provides for certain amounts to be included in a life insurance company's assessable income and for certain other amounts to be exempt income.

Table of sections

Operative provisions

320‑15 Assessable income—various amounts
320‑20 Assessable income—asset transferred from virtual PST assets to segregated exempt assets and subsequently disposed of
320‑25 Assessable income—asset transferred from virtual PST assets to segregated exempt assets and subsequently transferred
320‑30 Assessable income—special provision for certain income years
320‑35 Exempt income
320‑40 Exemption of one‑third of certain management fees received under contracts made before 1 July 2000
320‑45 Tax treatment of gains or losses from CGT events in relation to virtual PST assets

[This is the end of the Guide]

Operative provisions

320‑15  Assessable income—various amounts

  A *life insurance company's assessable income includes:
 (a) the total amount of the *life insurance premiums paid to the company in the income year; and
 (b) amounts received or recovered under *contracts of reinsurance to the extent to which they relate to the *risk components of claims paid under *life insurance policies; and
 (c) any amount received or recovered that is a refund, or in the nature of a refund, of the life insurance premium paid under a *contract of reinsurance; and
 (d) any amount received under a profit‑sharing arrangement contained in, or entered into in relation to, a contract of reinsurance; and
 (e) if an asset (other than money) is transferred from or to a *virtual PST under subsection 320‑180(1) or (2), to a virtual PST under section 320‑185 or from a virtual PST under subsection 320‑195(2) or (3)—the amount (if any) that is included in the company's assessable income of the income year in which the asset was transferred because of section 320‑200; and
 (f) the *transfer values of assets transferred from the company's *segregated exempt assets under subsection 320‑235(1) or 320‑250(2); and
 (g) if an asset (other than money) is transferred to the company's segregated exempt assets under subsection 320‑235(2) or section 320‑240—the amount (if any) that is included in the company's assessable income because of section 320‑255; and
 (h) if the *value, at the end of the income year, of the company's liabilities under the *net risk components of life insurance policies is less than the value, at the end