Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p77
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 77/79)
Character Range: 5033537–5036232

company joins or leaves a consolidated group is also a valuation time: see section 713‑525.
 (2) These are the valuation times:
 (a) the end of the income year in which the segregation occurred;
 (b) the end of each later income year.
Note 1: The time when a life insurance company joins or leaves a consolidated group is also a valuation time: see sections 713‑525 and 713‑585.
Note 2: A life insurance company that fails to comply with this section is liable to an administrative penalty: see section 288‑70 in Schedule 1 to the Taxation Administration Act 1953.

320‑235  Consequences of a valuation under section 320‑230

Transfer from the segregated exempt assets
 (1) If:
 (a) the total *transfer value of the company's *segregated exempt assets as at a *valuation time;
exceeds
 (b) the amount of the company's *exempt life insurance policy liabilities as at that time;
the company must transfer, from the segregated exempt assets, assets of any kind having a total transfer value equal to the excess.
 (2) A transfer under subsection (1) must be made within the period of 30 days starting immediately after:
 (a) the day on which the total *transfer value and the *exempt life insurance policy liabilities (as at the *valuation time) were calculated; or
 (b) if those amounts were calculated on different days—the later of those days.
The transfer, once made, is taken to have been made at the valuation time (whether or not the transfer is made within those 30 days).
Note: A life insurance company that fails to comply with subsections (1) and (2) is liable to an administrative penalty: see section 288‑70 in Schedule 1 to the Taxation Administration Act 1953.

Transfer to the segregated exempt assets
 (3) If:
 (a) the total *transfer value of the company's *segregated exempt assets as at a *valuation time;
is less than
 (b) the amount of the company's *exempt life insurance policy liabilities as at that time;
the company can transfer, to the segregated exempt assets, assets of any kind having a total transfer value not exceeding the difference.
 (4) A transfer under subsection (3) is taken to have been made at the *valuation time if it is made within the period of 30 days starting immediately after:
 (a) the day on which the total *transfer value and the *exempt life insurance policy liabilities (as at the valuation time) were calculated; or
 (b) if those amounts were calculated on different days—the later of those days.

320‑240  Transfer of assets to segregated exempt assets otherwise than as a result of a valuation under section 320‑230
 (1) If a *life insurance company determines, at a time other than a *valuation time, that:
 (a) the total *transfer value of