Document ID: chunk:federal_register_of_legislation:C2011C00698:clause:5_194
Version: federal_register_of_legislation:C2011C00698
Segment Type: clause
Provision Reference: sch 5 cl 194
Character Range: 150916–152585

194  After section 713‑510
Insert:

713‑510A  Disregard single entity rule in working out certain amounts in respect of life insurance company

 (1) This section applies if a *life insurance company is a *member of a *consolidated group.

 (2) However, if the *life insurance company is a *subsidiary member of the group, this section does not apply:
 (a) for the purposes of working out the *tax cost setting amount of an asset of the life insurance company when it becomes a subsidiary member of the group; and
 (b) for the purposes of working out the tax cost setting amount of a *membership interest in the life insurance company if it ceases to be a subsidiary member of the group.

 (3) Disregard section 701‑1 (the single entity rule) in working out any of the following for the purposes of Division 320 in relation to the *life insurance company:
 (a) amounts of the *head company's ordinary income and statutory income derived from *segregated exempt assets that are not assessable income and are not *exempt income under paragraph 320‑37(1)(a);
 (b) the head company's taxable income of the *complying superannuation class (see section 320‑137);
 (c) the head company's *tax loss of the complying superannuation class (see section 320‑141);
 (d) the total *transfer value of the head company's *virtual PST assets (see paragraph 320‑175(1)(a));
 (e) the amount of the head company's virtual PST liabilities (see paragraph 320‑175(1)(b));
 (f) the total transfer value of the head company's segregated exempt assets (see paragraph 320‑230(1)(a));
 (g) the amount of the head company's *exempt life insurance policy liabilities (see paragraph 320‑230(1)(b)).