Document ID: chunk:federal_register_of_legislation:C2004A00636:clause:4_37
Version: federal_register_of_legislation:C2004A00636
Segment Type: clause
Provision Reference: sch 4 cl 37
Character Range: 58264–59171

37  At the end of section 45‑330 in Schedule 1
Add:

Special rule for life insurance entities and registered organisations

 (3) The adjusted taxable income of a *life insurance entity or *registered organisation for the *base year is worked out as follows:

      Method statement
           Step 1. Recalculate each component of the taxable income for the *base assessment (except the *CS/RA component), disregarding any *capital gains.
           Step 2. Add up the components recalculated under step 1.
           Step 3. Add to the step 2 result the *CS/RA component for the *base assessment.
           Step 4. Add to the step 3 result the deductions for *tax losses used in making the *base assessment.
           Step 5. Reduce the step 4 result by the amount of any *tax loss, to the extent that the life insurance entity or registered organisation can carry it forward to the next income year.