Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p7
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 7/14)
Character Range: 5058613–5061383

from those of the original policy.

320‑335  Parts of assets treated as separate assets
  If:
 (a) an asset is transferred to the recipient company from the originating company; and
 (b) parts of that asset were, under section 320‑170 or 320‑225 of the Income Tax (Transitional Provisions) Act 1997, treated as separate assets of the originating company just before the transfer took place;
those parts of that asset are also treated as separate assets of the recipient company.

320‑340  Continuous disability policies
 (1) This section has effect if:
 (a) the originating company and the recipient company were members of the same *wholly‑owned group just before the transfer took place; and
 (b) all of the liabilities under the *continuous disability policies of the originating company are transferred to the recipient company; and
 (c) the transfer took place before the income year in which 1 July 2005 occurs; and
 (d) an amount (the section 320‑30 amount) would have been included in the assessable income of the originating company under section 320‑30 for the income year in which the transfer took place if the transfer had not taken place.
 (2) Section 320‑30 does not apply to the originating company for the income year in which the transfer took place or a later income year.
 (3) The amount worked out using this formula is included in the assessable income of the originating company for the income year in which the transfer took place:
where:
continuous disability policy days means the number of days during the income year in which the transfer took place that the originating company held *continuous disability policies.
 (4) The section 320‑30 amount, reduced by the amount included in the assessable income of the originating company under subsection (3), is included in the assessable income of the recipient company for the income year in which the transfer took place.
 (5) For each income year after the year in which the transfer took place and that is a relevant income year for the purposes of section 320‑30, the recipient company's assessable income includes the amount that would have been included in the originating company's assessable income under that section for that year if the transfer had not taken place.

320‑345  Exemption of management fees
 (1) This section has effect if:
 (a) the originating company and the recipient company were members of the same *wholly‑owned group just before the transfer took place; and
 (b) a *life insurance policy (also the original policy):
 (i) is constituted by a contract made with the originating company before 1 July 2000; and
 (ii) is transferred to the recipient company before 1 July 2005.
 (2) For the purposes of section 320‑40, a *life insurance policy issued by the recipient