Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:2_87:p2
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 2 cl 87 (pt 2/3)
Character Range: 199843–202329

*acquired by the company before 1 July 2000; and
 (b) the asset is held in an *Australian fund or an *Australian/overseas fund of the company; and
 (c) the *market value of the asset at that date exceeds whichever is the lesser of:
 (i) $50,000,000; or
 (ii) whichever is the greater of 2% of the value of that fund at that date or $5,000,000.

 (2) If the *life insurance company wishes to include a part of an approved asset in its *virtual PST 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 virtual PST.

 (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.

320‑175 Transfers of assets to virtual PST

 (1) If:
 (a) a *life insurance company had a liability before 1 July 2000 under a *life insurance policy; and
 (b) the liability or a part of it becomes a liability that is to be discharged out of the company's *virtual PST assets;
then, the transfer of any of the company's assets to the *virtual PST is to be disregarded 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 establishes a virtual PST in the 2000‑01 income year, the calculation of the transfer values of the company's virtual PST 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.

Subdivision 320‑H—Segregation of assets for the purpose of discharging exempt life insurance policies

320‑225  Transfer of part of an asset to segregated exempt assets

 (1) This section applies to an asset (an approved asset) of a *life insurance company if:
 (a) the asset was *acquired by the company before 1 July 2000; and
 (b) the asset is held in an *Australian fund or an *Australian/overseas fund of the company; and
 (c) the *market value of the asset at that date exceeds whichever is the lesser of:
 (i) $50,000,000; or
 (ii) whichever is the greater of 2% of the value of that fund at that date or $5,000,000.

 (2) If the *life insurance company wishes to include a part of an approved asset in its *segregated exempt assets 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