Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p62
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 62/79)
Character Range: 4995710–4998489

the benefit;
reduced by so much of the sum of the amounts deducted or deductible by the company under section 320‑75 for any income year as is reasonably related to the benefit.
 (2) This subsection covers a *scholarship plan issued by the *life insurance company after 31 December 2002.
 (3) This subsection covers a *scholarship plan if:
 (a) the plan was issued by the *life insurance company before 1 January 2003; and
 (b) no amount received by the company on or after 1 January 2003 and attributable to the plan is *non‑assessable non‑exempt income of the company under paragraph 320‑37(1)(d).
 (4) This section has effect despite subsection 320‑80(3).

320‑115  No deduction for amounts credited to RSAs
  A *life insurance company that is an *RSA provider cannot deduct amounts credited to *RSAs.

320‑120  Capital losses from assets other than complying superannuation assets or segregated exempt assets
 (1) This section applies to assets (ordinary assets) of a *life insurance company other than:
 (a) *complying superannuation assets; or
 (b) *segregated exempt assets.
 (2) In working out a *life insurance company's *net capital gain or *net capital loss for the income year, *capital losses from ordinary assets can be used only to reduce *capital gains from ordinary assets.
 (3) If some or all of a *capital loss from an ordinary asset cannot be applied in an income year, the unapplied amount can be applied in the next income year in which the company's *capital gains from ordinary assets exceed the company's capital losses (if any) from ordinary assets.
 (4) If the company has 2 or more unapplied *net capital losses from ordinary assets, the company must apply them in the order in which they were made.
Note: This section affects the amount of assessable income that is to be taken into account in working out a taxable income or tax loss of the ordinary class: see sections 320‑139 and 320‑143.

320‑125  Capital losses from complying superannuation assets
 (1) In working out a *life insurance company's *net capital gain or *net capital loss for the income year, *capital losses from *complying superannuation assets can be used only to reduce *capital gains from complying superannuation assets.
 (2) If some or all of a *capital loss from a *complying superannuation asset cannot be applied in an income year, the unapplied amount can be applied in the next income year in which the company's *capital gains from *complying superannuation assets exceed the company's capital losses (if any) from complying superannuation assets.
 (3) If the company has 2 or more unapplied *net capital losses from *complying superannuation assets, the company must apply them in the order in which they were made.
Note: This section affects the amount of assessable