Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p40
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 40/64)
Character Range: 498862–501732

of a borrowing (the old borrowing) that was made under a contract:
 (i) entered into before 1 July 2018; and
 (ii) covered by the exception in subsection 67A(1) of the Superannuation Industry (Supervision) Act 1993 (which is about limited recourse borrowing arrangements); and
 (b) the new borrowing is secured by the same asset or assets as the old borrowing; and
 (c) the amount of the new borrowing at the time it is first made equals, or is less than, the outstanding balance on the old borrowing just before the refinancing.

307‑290  Taxed and untaxed elements of death benefit superannuation lump sums
  For the purposes of section 307‑290 of the Income Tax Assessment Act 1997:
 (a) treat a deduction made under former section 279 of the Income Tax Assessment Act 1936 as having been made under section 295‑465 of the Income Tax Assessment Act 1997 instead; and
 (b) treat a deduction made under former section 279B of the Income Tax Assessment Act 1936 as having been made under section 295‑470 of the Income Tax Assessment Act 1997 instead.

307‑345  Low rate component—Effect of rebate under the Income Tax Assessment Act 1936
  If you have become entitled to a rebate under section 159SA of the Income Tax Assessment Act 1936, your low rate cap amount for the 2007‑2008 income year is, despite subsection 307‑345(1), the total of:
 (a) your closing balance for the 2006‑2007 income year (worked out under subsection 159SF(2) of that Act); and
 (b) the amount by which $140,000 exceeds the upper limit for the 2006‑2007 income year (worked out under section 159SG of that Act).

Part 3‑32—Co‑operatives and mutual entities

Division 316—Demutualisation of friendly society health or life insurers

Table of Subdivisions
316‑A Application

Subdivision 316‑A—Application

Table of sections
316‑1 Application of Division 316 of the Income Tax Assessment Act 1997

316‑1  Application of Division 316 of the Income Tax Assessment Act 1997
  Division 316 of the Income Tax Assessment Act 1997 applies in relation to demutualisations occurring on or after 1 July 2008.

Part 3‑35—Insurance business

Division 320—Life insurance companies

Table of Subdivisions
320‑A Preliminary
320‑C Deductions and capital losses
320‑D Taxable income and tax loss of life insurance companies
320‑F Virtual PST
320‑H Segregation of assets for the purpose of discharging exempt life insurance policies

Operative provisions

Subdivision 320‑A—Preliminary

Table of sections
320‑5 Life insurance companies that are friendly societies

320‑5  Life insurance companies that are friendly societies
  If:
 (a) any assets held by the benefit funds of a life insurance company that is a friendly society for the purpose of providing superannuation benefits to its members are transferred before 1 July 2001 to a complying superannuation fund; and
 (b) the persons who had interests in those