Document ID: chunk:federal_register_of_legislation:C2010C00648:clause:1_37
Version: federal_register_of_legislation:C2010C00648
Segment Type: clause
Provision Reference: sch 1 cl 37
Character Range: 46736–47582

37  Section 320‑175
Repeal the section, substitute:

320‑175  Valuations of virtual PST assets and virtual PST liabilities for each valuation time

 (1) A *life insurance company that has established a *virtual PST must cause the following amounts to be calculated within the period of 60 days starting immediately after each *valuation time:
 (a) the total *transfer value of the company's *virtual PST assets as at the valuation time;
 (b) the company's *virtual PST liabilities as at the valuation time.

 (2) These are the valuation times:
 (a) the end of the income year in which the *virtual PST was established;
 (b) the end of each later income year.

Note: 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.