Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p76
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 76/79)
Character Range: 5031079–5033765

may transfer a part of an asset to its segregated exempt assets before 1 October 2000.
 (1A) Except as provided by section 320‑225 of the Income Tax (Transitional Provisions) Act 1997, an asset is taken not to be included in the segregated assets under this Subdivision unless the whole of the asset is included among the segregated assets.
 (2) The assets segregated must, at the time of the segregation, be a representative sample of all the company's assets that support its *exempt life insurance policy liabilities immediately before the segregation.
 (3) The assets segregated must have, as at the time of the segregation, a total *transfer value that does not exceed the amount of the company's *exempt life insurance policy liabilities as at that time.
 (4) A *life insurance company that segregates assets as mentioned in subsections (1) to (3) at a time after 1 July 2000 but before 1 October 2000 is taken to have segregated those assets in accordance with those subsections on 1 July 2000.
 (5) If a segregation of assets is made in accordance with the above subsections, the company must use the *segregated exempt assets, and any other assets afterwards included among the segregated assets, only for the purpose of discharging its *exempt life insurance policy liabilities.
 (6) In this Subdivision:
 (a) a reference to the transfer of an asset to, or from, a *life insurance company's *segregated exempt assets:
 (i) is a reference to the inclusion of an asset among the segregated exempt assets, or the exclusion of an asset from the segregated exempt assets, as the case may be; and
 (ii) includes a reference to the transfer of money to, or from, those assets, as the case may be; and
 (b) if an asset transferred to or from those assets is money, a reference to the *transfer value of the asset transferred is a reference to the amount of the money.

320‑230  Valuations of segregated exempt assets and exempt life insurance policy liabilities for each valuation time
 (1) A *life insurance company that has segregated any of its assets in accordance with section 320‑225 must cause the following amounts to be calculated within the period of 60 days starting immediately after each *valuation time:
 (a) the total *transfer value of the company's *segregated exempt assets as at the valuation time;
 (b) the amount of the company's *exempt life insurance policy liabilities as at the valuation time.
Note: The time when a life insurance company joins or leaves a consolidated group is also a valuation time: see section 713‑525.
 (2) These are the valuation times:
 (a) the end of the income year in which the segregation occurred;
 (b) the end of each later income