Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:2_84:p17
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 2 cl 84 (pt 17/26)
Character Range: 172181–174781

may be, transfer, from the *virtual PST, assets having a total transfer value equal to the fees, charges or excess, as the case may be.

 (4) If:
 (a) any liabilities arise for the discharge of which a *life insurance company's *virtual PST is established; or
 (b) any expenses are incurred by a life insurance company directly in respect of *virtual PST assets in relation to a period during which the assets are virtual PST assets; or
 (c) there are any unpaid *PAYG instalments relating to the *virtual PST component of the *complying superannuation class of a life insurance company's taxable income for the income year;
the life insurance company must pay from the virtual PST any amounts required to discharge the liabilities, amounts equal to the expenses, or amounts equal to the total amount of the unpaid PAYG instalments, as the case may be.

320‑200  Consequences of transfer of assets to or from virtual PST

 (1) This section applies if:
 (a) an asset (other than money) is transferred from a *virtual PST under subsection 320‑180(1) or 320‑195(2) or (3); or
 (b) an asset (other than money) is transferred to a virtual PST under subsection 320‑180(2) or section 320‑185.

 (2) In determining:
 (a) for the purposes of this Act (other than Parts 3‑1 and 3‑3) whether an amount is included in, or can be deducted from, the assessable income of a *life insurance company in respect of the transfer of the asset; or
 (b) for the purposes of Parts 3‑1 and 3‑3:
 (i) whether the company made a *capital gain in respect of the transfer of the asset; or
 (ii) whether the company made a *capital loss in respect of the transfer of the asset;
the company is taken:
 (c) to have sold, immediately before the transfer, the asset transferred for a consideration equal to its *market value; and
 (d) to have purchased the asset again at the time of the transfer for a consideration equal to its market value.

 (3) If, apart from this subsection and section 320‑55, a *life insurance company could deduct an amount or make a *capital loss as a result of a transfer of an asset to or from its *virtual PST, the deduction or capital loss is disregarded until:
 (a) the asset ceases to exist; or
 (b) the asset, or a greater than 50% interest in it, is *acquired by an entity other than an entity that is an *associate of the company immediately after the transfer.

320‑205  What is the virtual PST component

 (1) The virtual PST component of the *complying superannuation class of a *life insurance company's taxable income for an income year is the sum of the amounts of the company's assessable