Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:2_84:p14
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 2 cl 84 (pt 14/26)
Character Range: 165049–167594

segregated assets is to be known as a virtual PST asset.

 (7) In this Subdivision:
 (a) a reference to the transfer of an asset to, or from, the *virtual PST:
 (i) is a reference to the inclusion of the asset among the segregated assets, or the exclusion of an asset from the segregated assets, as the case may be; and
 (ii) includes a reference to the transfer of money to, or from, the virtual PST, as the case may be; and
 (b) if an asset transferred to or from the virtual PST is money, a reference to the *transfer value of the asset transferred is a reference to the amount of the money.

320‑175  Annual valuations of virtual PST assets

 (1) A *life insurance company that has established a *virtual PST must cause the *transfer values of the *virtual PST assets to be calculated as at the following times (valuation times):
 (a) the end of the income year in which the virtual PST was established;
 (b) the end of each later income year.

 (2) A calculation for a valuation time is to be made not later than 60 days after that time.

320‑180  Consequences of annual valuation

 (1) If the total *transfer value of the *virtual PST assets at a valuation time exceeds the sum of:
 (a) the company's *virtual PST liabilities at that time; and
 (b) any reasonable provision made by the company at that time in its accounts for liability for tax on unrealised gains in respect of those assets; and
 (c) the total amount of any unpaid *PAYG instalments relating to the *virtual PST component of the *complying superannuation class of the company's taxable income for the income year;
the company must, within 30 days after the day on which the valuations of the transfer values of those assets are made, transfer, from the *virtual PST, assets of any kind having a total transfer value equal to the excess.

 (2) If the total *transfer value of the *virtual PST assets at a valuation time is less than the sum of:
 (a) the company's *virtual PST liabilities at that time; and
 (b) any reasonable provision made by the company at that time in its accounts for liability for tax on unrealised gains in respect of those assets; and
 (c) the total amount of any unpaid *PAYG instalments relating to the *virtual PST component of the *complying superannuation class of the company's taxable income for the income year;
the company can transfer, to the *virtual PST, assets of any kind that have a total transfer value not exceeding the difference.

 (3) A transfer of assets under subsection (1) is taken to have been made in the income year at