Document ID: chunk:federal_register_of_legislation:C2010C00648:clause:1_33:p5
Version: federal_register_of_legislation:C2010C00648
Segment Type: clause
Provision Reference: sch 1 cl 33 (pt 5/7)
Character Range: 40793–43529

that the company can deduct under section 320‑87 because of subsection (1) or paragraph (3)(a) of that section;
 (d) amounts that the company can deduct under subsection 115‑280(1);
 (e) so much of the amounts that the company can deduct under subsection 115‑215(6) as are attributable to *capital gains that:
 (i) the company is taken to have under subsection 115‑215(3); and
 (ii) are in respect of the investment of the company's virtual PST assets; and
 (iii) are in relation to the period during which those assets were virtual PST assets.

320‑139  Taxable income—ordinary class

  A *life insurance company's taxable income of the ordinary class is a taxable income worked out under this Act on the basis of only:
 (a) assessable income of the company that is not covered by subsection 320‑137(2); and
 (b) amounts (other than *tax losses) that the company can deduct and are not covered by subsection 320‑137(4); and
 (c) tax losses of the company that are of the *ordinary class.

Note: For the usual way of working out a taxable income: see subsection 4‑15(1). For other ways of working out a taxable income: see subsection 4‑15(2).

320‑141  Tax loss—complying superannuation class

Working out a tax loss of the complying superannuation class

 (1) A *life insurance company's *tax loss of the complying superannuation class is a tax loss worked out under this Act on the basis of only:
 (a) assessable income of the company that is covered by subsection 320‑137(2); and
 (b) deductions of the company that are covered by subsection 320‑137(4); and
 (c) *net exempt income of the company that is attributable to *exempt income derived:
 (i) from the company's *virtual PST assets; and
 (ii) in relation to the period during which those assets were virtual PST assets.

Note: For the usual way of working out a tax loss: see section 36‑10. For other ways of working out a tax loss: see section 36‑25.

Deducting a tax loss of the complying superannuation class

 (2) A *life insurance company's *tax loss of the complying superannuation class can be deducted under this Act only from:
 (a) *net exempt income of the company that is attributable to *exempt income derived:
 (i) from the company's *virtual PST assets; and
 (ii) in relation to the period during which those assets were virtual PST assets; and
 (b) assessable income of the company that is covered by subsection 320‑137(2), reduced by deductions of the company that are covered by subsection 320‑137(4).

Note: For the usual way of deducting a tax loss: see section 36‑15. For other ways of deducting a tax loss: see section 36‑25.

320‑143  Tax loss—ordinary class

Working out a tax loss of the ordinary class

 (1) A *life insurance company's *tax loss