Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:2_116
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 2 cl 116
Character Range: 216710–217573

116  Subsection 45‑330(3) in Schedule 1
Repeal the subsection, substitute:

Special rule for life insurance companies

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

      Method statement
           Step 1. Recalculate the *ordinary class of the taxable income for the *base assessment on the basis that the assessable income that relates to the class did not include any *net capital gain.
           Step 2. Add to the step 1 result the *complying superannuation class of the taxable income for the *base assessment.
           Step 3. Add to the step 2 result the deductions for *tax losses used in making the *base assessment.
           Step 4. Reduce the step 3 result by the amount of any tax loss, to the extent that the life insurance company can carry it forward to the next income year.