Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:2_84:p19
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 2 cl 84 (pt 19/26)
Character Range: 177037–180077

an asset (other than money) is transferred from a virtual PST under subsection 320‑180(1) or 320‑195(2) or (3)—the amount (if any) that the company can deduct because of section 320‑87; and
 (d) deductible expenses incurred by the company during the income year directly in respect of virtual PST assets where the expenses relate to the period during which the assets were virtual PST assets; and
 (e) the proportion of the amount that the company can deduct under subsection 115‑215(6) for the income year that is attributable to capital gains that the company is taken to have under subsection 115‑215(3) in respect of virtual PST assets that are interests in trust estates.

Subdivision 320‑G—Specified roll‑over component of complying superannuation class

Guide to Subdivision 320‑G

320‑210  What this Subdivision is about

      This Subdivision explains how the specified roll‑over component of the complying superannuation class of a life insurance company's taxable income is worked out.

Table of sections

Operative provision

320‑215 What is the specified roll‑over component

[This is the end of the Guide.]

Operative provision

320‑215  What is the specified roll‑over component

  The specified roll‑over component of the *complying superannuation class of a *life insurance company's taxable income for an income year consists of the *specified roll‑over amounts that:
 (a) are included in the company's assessable income for the income year; and
 (b) relate to *life insurance policies that provide for *immediate annuities.

Subdivision 320‑H—Segregation of assets to discharge exempt life insurance policy liabilities

Guide to Subdivision 320‑H

320‑220  What this Subdivision is about

      This Subdivision explains how a life insurance company can segregate assets to be used for the sole purpose of discharging its liabilities under life insurance policies where the income derived by the company from those policies is exempt from income tax.

Table of sections

Operative provisions

320‑225 Segregation of assets for purpose of discharging exempt life insurance policy liabilities
320‑230 Annual valuations of segregated exempt assets
320‑235 Consequences of annual valuation
320‑240 Transfer of assets to segregated exempt assets otherwise than as a result of annual valuation
320‑245 Exempt life insurance policy liabilities
320‑250 Transfer of assets and payment of amounts from segregated exempt assets otherwise than as a result of an annual valuation
320‑255 Consequences of transfer of assets to or from segregated exempt assets

[This is the end of the Guide.]

Operative provisions

320‑225  Segregation of assets for purpose of discharging exempt life insurance policy liabilities

 (1) A *life insurance company may, on or after 1 July 2000, segregate in accordance with subsections (2) and (3) any of its assets for the sole purpose of discharging its *exempt life insurance policy liabilities out of those assets.

Note: Section 320‑225 of the Income Tax (Transitional Provisions) Act