Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:2_84:p21
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 2 cl 84 (pt 21/26)
Character Range: 182296–184976

company that has segregated any of its assets in accordance with section 320‑225 must cause the *transfer values of its *segregated exempt assets to be calculated as at the following times (valuation times):
 (a) the end of the income year in which the segregation occurred;
 (b) the end of each later income year.

 (2) A calculation for a valuation time is to be made not later than 60 days after that time.

320‑235  Consequences of annual valuation

 (1) If the total *transfer value of the company's *segregated exempt assets at a valuation time exceeds the sum of:
 (a) the company's *exempt life insurance policy liabilities at that time; and
 (b) any reasonable provision made by the company at that time in its accounts for liability for tax on unrealised gains in respect of assets transferred to its segregated exempt assets under subsection 320‑195(1);
the company must, within 30 days after the day on which the valuations of the transfer values of those assets are made, transfer, from the segregated exempt assets, assets of any kind having a total transfer value equal to the excess.

 (2) If the total *transfer value of the company's *segregated exempt assets at a valuation time is less than the sum of:
 (a) the company's *exempt life insurance policy liabilities at that time; and
 (b) any reasonable provision made by the company at that time in its accounts for liability for tax on unrealised gains in respect of assets transferred to its segregated exempt assets under subsection 320‑195(1);
the company can transfer, to the segregated exempt assets, assets of any kind having a total transfer value not exceeding the difference.

 (3) A transfer of assets under subsection (1) is taken to have been made in the income year at the end of which the valuation time occurred.

 (4) If a transfer of assets under subsection (2) is made within 30 days after the day on which the valuations of the *transfer values of those assets are made, the transfer is taken to have been made in the income year at the end of which the valuation time occurred.

320‑240  Transfer of assets to segregated exempt assets otherwise than as a result of annual valuation

 (1) If a *life insurance company determines, at a time other than a valuation time, that the total *transfer value of its *segregated exempt assets is less than the sum of:
 (a) the company's *exempt life insurance policy liabilities; and
 (b) any reasonable provision made by the company at that time in its accounts for liability for tax on unrealised gains in respect of assets transferred to its segregated exempt assets under subsection 320‑195(1);
the company can transfer, to the segregated exempt