Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p58
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 58/79)
Character Range: 4985676–4988545

life insurance policies are to be discharged from complying superannuation assets
 (1) This section applies to a *life insurance company in respect of *life insurance policies where the company's liabilities under the policies are to be discharged out of *complying superannuation assets.
 (2) The company can deduct:
 (a) the amounts of the *life insurance premiums received in respect of the policies that are transferred to its *complying superannuation assets in the income year;
less:
 (b) so much of those amounts as relate to the company's liability to pay amounts on the death or disability of a person.
 (3) For the purposes of subsection (2) only, the amount of a *life insurance premium that relates to the company's liability to pay amounts on the death or disability of a person is:
 (a) if the policy provides for *participating benefits or *discretionary benefits—nil; or
 (b) if paragraph (a) does not apply and the policy states that the whole or a specified part of the premium is payable in respect of such a liability—the whole or that part of the premium, as appropriate; or
 (c) if neither paragraph (a) nor (b) applies:
 (i) if the policy is an *endowment policy—10% of the premium; or
 (ii) if the policy is a *whole of life policy—30% of the premium; or
 (iii) otherwise—so much of the premium as an *actuary determines to be attributable to such a liability.

320‑60  Deduction for life insurance premiums where liabilities under life insurance policies are to be discharged from segregated exempt assets
  A *life insurance company can deduct the amounts of *life insurance premiums transferred in the income year to its *segregated exempt assets under subsection 320‑240(3).

320‑65  Deduction for life insurance premiums in respect of life insurance policies that provide for participating or discretionary benefits
  A *life insurance company can deduct the amounts of *net premiums received in respect of *life insurance policies (other than *complying superannuation life insurance policies or *exempt life insurance policies) that provide for *participating benefits or *discretionary benefits.

320‑70  No deduction for life insurance premiums in respect of certain life insurance policies payable only on death or disability
 (1) A *life insurance company cannot deduct any part of the amounts of *life insurance premiums received in respect of *life insurance policies under which amounts are to be paid only on the death or disability of a person.
 (2) This section does not apply to:
 (a) *life insurance policies that provide for *participating benefits or *discretionary benefits; or
 (b) funeral policies.

320‑75  Deduction for ordinary investment policies
 (1) This section applies to a *life insurance company in respect of *ordinary investment policies issued by the company.
 (2) The company can deduct, in respect of *life