Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:2_84:p3
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 2 cl 84 (pt 3/26)
Character Range: 137169–139930

company's assessable income because of section 320‑255; and
 (h) if the *value, at the end of the income year, of the company's liabilities under the *net risk components of life insurance policies is less than the value, at the end of the previous income year, of those liabilities—an amount equal to the difference; and

Note: Where the value at the end of the income year exceeds the value at the end of the previous income year, the excess can be deducted: see section 320‑85.
 (i) amounts included in the company's assessable income under section 275 of the Income Tax Assessment Act 1936; and
 (j) *specified roll‑over amounts paid to the company; and
 (k) fees and charges (not otherwise included in the company's assessable income) imposed by the company in respect of life insurance policies; and
 (l) if the company is an *RSA provider—*taxable contributions made to *RSAs provided by the company.

320‑30  Assessable income—special provision for certain income years

 (1) This section applies to a *life insurance company for each of the following income years (each a relevant income year):
 (a) the income year in which 1 July 2000 occurs;
 (b) the 4 following income years.

 (2) If:
 (a) the *value of the company's liabilities at the end of 30 June 2000 under its *continuous disability policies (being the value used by the company for the purposes of its return of income);
exceeds
 (b) the value of the company's liabilities at the end of 30 June 2000 under the *net risk components of its continuous disability policies as calculated under subsection 320‑85(4);
the company's assessable income for each relevant income year includes an amount equal to one‑fifth of the excess.

 (3) However, if a *life insurance company ceases in a relevant income year to carry on *life insurance business or to have any liabilities under the *net risk components of *continuous disability policies, subsection (2) does not apply for that income year or any future income years but the company's assessable income for that income year includes so much of the excess referred to in subsection (2) as has not been included in the company's assessable income for any previous relevant income years.

320‑35  Exempt income

 (1) The following amounts received by a *life insurance company are exempt from income tax:
 (a) amounts of *ordinary income and *statutory income accrued before 1 July 1988 that were derived from assets that have become *virtual PST assets;
 (b) amounts of ordinary income and statutory income derived from *segregated exempt assets, being income that relates to the period during which the assets were segregated exempt assets;
 (c) amounts of ordinary income and statutory income received from the *disposal of units in a *pooled