Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:2_87:p3
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 2 cl 87 (pt 3/3)
Character Range: 202106–203457

before 1 October 2000, the company must, before that date, certify in writing the part (if any) of the asset to be included in the segregated exempt assets.

 (3) If the *life insurance company so certifies, the part of the asset stated in the certificate is to be treated as a separate asset of the company.

320‑230 Transfers of assets to segregated exempt assets

 (1) If:
 (a) a *life insurance company had a liability before 1 July 2000 under a *life insurance policy where the income of the company attributable to the liability was exempt from tax before that date; and
 (b) the liability or a part of it becomes a liability that is to be discharged out of the company's *segregated exempt assets;
then the transfer of any of the company's assets to the segregated exempt assets is to be disregarded for any purpose of the Income Tax Assessment Act 1997 to the extent to which the assets are transferred to meet the liability or that part of it, as the case may be.

 (2) If a life insurance company that is a friendly society segregates any of its assets in accordance with section 320‑225 of the Income Tax Assessment Act 1997 in the 2000‑01 income year, the calculation of the transfer values of the company's segregated exempt assets as at the end of that income year is to be made not later than 90 days after the end of that income year.