Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:2_84:p11
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 2 cl 84 (pt 11/26)
Character Range: 157611–160379

what is included in each class.

Table of sections

Operative provisions

320‑135 Classes of taxable income
320‑140 Ordinary class of taxable income
320‑145 Complying superannuation class of taxable income

[This is the end of the Guide]

Operative provisions

320‑135  Classes of taxable income

  The taxable income of a *life insurance company for an income year is divided into 2 classes:
 (a) the *ordinary class; and
 (b) the *complying superannuation class.

320‑140  Ordinary class of taxable income

  The ordinary class is the total taxable income less the *complying superannuation class.

320‑145  Complying superannuation class of taxable income

  The complying superannuation class is the part of the taxable income that consists of:
 (a) if the company is an *RSA provider—the *RSA component; and
 (b) if the company has established a *virtual PST—the *virtual PST component; and
 (c) in any case—the *specified roll‑over component.

Subdivision 320‑E—RSA component of complying superannuation class

Guide to Subdivision 320‑E

320‑150  What this Subdivision is about

      This Subdivision explains how the RSA component of the complying superannuation class of a life insurance company's taxable income is worked out.

Table of sections

Operative provisions

320‑155 What is the RSA component
320‑160 Taxable income and RSA component in certain cases

[This is the end of the Guide.]

Operative provisions

320‑155  What is the RSA component

 (1) The RSA component of the *complying superannuation class of the taxable income for an income year of a *life insurance company that is an *RSA provider is the sum of all amounts (other than contributions that are not *taxable contributions) credited during the income year to *RSAs provided by the company, reduced by any amounts debited from the RSAs other than benefits paid to, or in respect of, the holders of the RSAs.

 (2) In calculating the *RSA component, any amount of tax paid in respect of an *RSA is taken not to have been an amount paid from the RSA.

 (3) If an *annuity was being paid from an *RSA in respect of the whole of the income year, or the whole of the part of the income year in which the RSA existed, amounts credited to the RSA during the income year are, in calculating the sum referred to in subsection (1), taken not to have been credited.

 (4) If an *annuity was being paid from an *RSA in respect of a part, but not the whole, of the portion of the income year in which the RSA existed, amounts worked out using the following formula are, in calculating the sum referred to in subsection (1), taken not to have been credited:

320‑160  Taxable income and RSA component in certain cases

 (1) This section applies if:
 (a) a *life insurance company that