Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p55
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 55/79)
Character Range: 4977681–4980536

income year to which the agreement referred to in section 295‑260 relates.

320‑30  Assessable income—special provision for certain income years
 (1) This section applies to a *life insurance company for each of the following income years (each a relevant income year):
 (a) the income year in which 1 July 2000 occurs;
 (b) the 4 following income years.
Note: The effect of this section is modified when the life insurance business of a life insurance company is transferred to another life insurance company: see section 320‑340.
 (2) If:
 (a) the *value of the company's liabilities at the end of 30 June 2000 under its *continuous disability policies (being the value used by the company for the purposes of its *income tax return);
exceeds
 (b) the value of the company's liabilities at the end of 30 June 2000 under the *net risk components of its continuous disability policies as calculated under subsection 320‑85(4);
the company's assessable income for each relevant income year includes an amount equal to one‑fifth of the excess.
 (3) However, if a *life insurance company ceases in a relevant income year to carry on *life insurance business or to have any liabilities under the *net risk components of *continuous disability policies, subsection (2) does not apply for that income year or any future income years but the company's assessable income for that income year includes so much of the excess referred to in subsection (2) as has not been included in the company's assessable income for any previous relevant income years.

320‑35  Exempt income
  These amounts *derived by a *life insurance company are exempt from income tax:
 (a) amounts of *ordinary income and *statutory income accrued before 1 July 1988 that were derived from assets that have become *complying superannuation assets;
 (b) if the company is an *RSA provider—any amounts that are disregarded because of paragraph 320‑137(3)(d) or (e) in working out the company's taxable income of the *complying superannuation class.

320‑37  Non‑assessable non‑exempt income
 (1) These amounts *derived by a *life insurance company are not assessable income and are not *exempt income:
 (a) amounts of ordinary income and statutory income derived from *segregated exempt assets, being income that relates to the period during which the assets were segregated exempt assets;
 (b) amounts of ordinary income and statutory income derived from the *disposal of units in a *pooled superannuation trust;
 (c) if an *Australian/overseas fund or an *overseas fund established by the company derived foreign establishment amounts—the foreign resident proportion of the foreign establishment amounts;
 (d) if the company is a *friendly society:
 (i) amounts derived before 1 July 2001 that are exempt from income tax under section 50‑1; and
 (ii) amounts derived on or after 1 July 2001