Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p43
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 43/64)
Character Range: 506206–508863

applied to a life insurance company in respect of a transfer of assets to meet a liability or a part of a liability, that subsection does not apply again in respect of another transfer of assets to meet that liability or that part of the liability.
 (2) If a life insurance company that is a friendly society establishes a virtual PST in the 2000‑01 income year, the calculation of the transfer values of the company's virtual PST assets as at the end of that income year is to be made not later than 90 days after the end of that income year.

320‑180  Deferred annuities purchased before 1 July 2007
 (1) Subsection (3) applies for the purposes of subparagraph (b)(i) of the definition of virtual PST life insurance policy in subsection 995‑1(1) of the Income Tax Assessment Act 1997, as in force just after the commencement of item 259 of Schedule 1 to the Superannuation Legislation Amendment (Simplification) Act 2007.
 (2) Subsection (3) also applies for the purposes of subparagraph (b)(i) of the definition of complying superannuation/FHSA life insurance policy in subsection 995‑1(1) of the Income Tax Assessment Act 1997, as in force just after the commencement of item 47 of Schedule 7 to the First Home Saver Accounts (Consequential Amendments) Act 2008.
 (3) Treat an annuity as having been purchased out of a superannuation lump sum or an employment termination payment, if the annuity was purchased:
 (a) before 1 July 2007; and
 (b) out of an eligible termination payment (within the meaning of the Income Tax Assessment Act 1997, as in force just before the commencement mentioned in subsection (1) of this section).

Subdivision 320‑H—Segregation of assets for the purpose of discharging exempt life insurance policies

Table of sections
320‑225 Transfer of part of an asset to segregated exempt assets
320‑230 Transfers of assets to segregated exempt assets

320‑225  Transfer of part of an asset to segregated exempt assets

 (1) This section applies to an asset (an approved asset) of a life insurance company if:
 (a) the asset was acquired by the company before 1 July 2000; and
 (b) the asset is held in an Australian fund or an Australian/overseas fund of the company; and
 (c) the market value of the asset at that date exceeds whichever is the lesser of:
 (i) $50,000,000; or
 (ii) whichever is the greater of 2% of the value of that fund at that date or $5,000,000.

 (2) If the life insurance company wishes to include a part of an approved asset in its segregated exempt assets before 1 October 2000, the company must, before that date, certify in writing the part (if any) of the asset to be included in the segregated exempt