Document ID: chunk:federal_register_of_legislation:C2010C00648:clause:1_33:p4
Version: federal_register_of_legislation:C2010C00648
Segment Type: clause
Provision Reference: sch 1 cl 33 (pt 4/7)
Character Range: 38360–41036

subsection covers the following assessable income of a *life insurance company:
 (a) assessable income derived by the company from the investment of its *virtual PST assets in relation to the period during which those assets were virtual PST assets;
 (b) so much of the amount that is included in the company's assessable income because of paragraph 320‑15(1)(a) as is equal to the total *transfer value of assets transferred in the income year by the company to a *virtual PST under subsection 320‑185(3);
 (c) if an asset (other than money) is transferred by the company from a virtual PST under subsection 320‑180(1) or 320‑195(2) or (3)—amounts that are included in the company's assessable income because of section 320‑200;
 (d) amounts that are included in the company's assessable income because of paragraph 320‑15(1)(db), (i) or (j);
 (e) amounts that are included in the company's assessable income under subsection 115‑280(4);
 (f) subject to subsection (3), so much of the company's assessable income for the income year as is:
 (i) the total amount credited during that year to the *RSAs provided by the company; less
 (ii) the total amount debited during that year from the RSAs.

Amounts disregarded for RSAs

 (3) In working out the amount mentioned in paragraph (2)(f), disregard the following amounts:
 (a) contributions credited to the *RSAs that are not *taxable contributions;
 (b) amounts debited from the RSAs that are benefits paid to, or in respect of, the holders of the RSAs;
 (c) income tax debited from the RSAs;
 (d) if an *annuity was 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, the total amount credited to the RSA during the income year;
 (e) if an annuity was 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, so much of the total amount credited to the RSA during the income year as is equal to the amount worked out using the following formula:

Relevant deductions

 (4) This subsection covers the following deductions of a *life insurance company:
 (a) amounts that the company can deduct under section 320‑55;
 (b) amounts that the company can deduct (other than any *tax losses) in respect of the investment of the company's *virtual PST assets in relation to the period during which those assets were virtual PST assets;
 (c) amounts that the company can deduct under section 320‑87 because of subsection (1) or paragraph (3)(a) of that section;
 (d) amounts that the company can deduct under subsection 115‑280(1);
 (e) so much of the amounts that the company can deduct under