Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:2_84:p10
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 2 cl 84 (pt 10/26)
Character Range: 155121–157892

subsection 320‑235(2) or section 320‑240, the company can deduct the amount (if any) that it can deduct because of section 320‑255.

320‑110  Deduction for interest credited to income bonds

  A *life insurance company that is a *friendly society can deduct interest credited in the income year to the holders of *income bonds issued after 30 November 1999 where the interest accrued on or after 1 July 2001.

320‑115  No deduction for amounts credited to RSAs

  A *life insurance company that is an *RSA provider cannot deduct amounts credited to *RSAs.

320‑120  Capital losses from assets other than virtual PST assets or segregated exempt assets

 (1) This section applies to assets (ordinary assets) of a *life insurance company other than:
 (a) *virtual PST assets; or
 (b) *segregated exempt assets.

 (2) In working out a *life insurance company's *net capital gain or *net capital loss for the income year, *capital losses from ordinary assets can be used only to reduce *capital gains from ordinary assets.

 (3) If some or all of a *capital loss from an ordinary asset cannot be applied in an income year, the unapplied amount can be applied in the next income year in which the company's *capital gains from ordinary assets exceed the company's capital losses (if any) from ordinary assets.

 (4) If the company has 2 or more unapplied *net capital losses from ordinary assets, the company must apply them in the order in which they were made.

320‑125  Capital losses from virtual PST assets

 (1) In working out a *life insurance company's *net capital gain or *net capital loss for the income year, *capital losses from *virtual PST assets can be used only to reduce *capital gains from virtual PST assets.

 (2) If some or all of a *capital loss from a *virtual PST asset cannot be applied in an income year, the unapplied amount can be applied in the next income year in which the company's *capital gains from *virtual PST assets exceed the company's capital losses (if any) from virtual PST assets.

 (3) If the company has 2 or more unapplied *net capital losses from *virtual PST assets, the company must apply them in the order in which they were made.

Subdivision 320‑D—Classes of taxable income of life insurance companies

Guide to Subdivision 320‑D

320‑130  What this Subdivision is about

      This Subdivision provides for a life insurance company's taxable income to be divided into an ordinary class and a complying superannuation class and explains what is included in each class.

Table of sections

Operative provisions

320‑135 Classes of taxable income
320‑140 Ordinary class of taxable income
320‑145 Complying superannuation class of taxable income

[This is the end of the Guide]

Operative provisions

320‑135  Classes