Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:2_117
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 2 cl 117
Character Range: 217573–218145

117  At the end of section 45‑370 in Schedule 1
Add:

Special rule for life insurance companies

 (3) The adjusted assessed taxable income of a *life insurance company for the variation year is worked out as follows:

      Method statement
           Step 1. Recalculate the *ordinary class of the taxable income for the variation year on the basis that the assessable income that relates to the class did not include any *net capital gain.
           Step 2. Add to the step 1 result the *complying superannuation class of the taxable income for the variation year.