Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p69
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 69/79)
Character Range: 5012958–5016023

company that has an amount of excess franking offsets will need to recalculate its tax loss of the ordinary class under section 36‑55. But its tax loss of the complying superannuation class is unaffected by that section.
Example 2: A life insurance company that fails to meet the relevant tests of Division 165 will need to recalculate the ordinary class of its taxable income and tax loss under Subdivision 165‑B. But the complying superannuation class of its taxable income and tax loss are unaffected by that Subdivision.

Subdivision 320‑E—No‑TFN contributions of life insurance companies that are RSA providers

Guide to Subdivision 320‑E

320‑150  What this Subdivision is about

      This Subdivision makes Subdivisions 295‑I and 295‑J apply to life insurance companies that are RSA providers.
      The consequence is that those life insurance companies are liable to pay tax on no‑TFN contributions income under Subdivision 295‑I. They may also be entitled to a tax offset under Subdivision 295‑J.

Table of sections

Operative provisions
320‑155 Subdivisions 295‑I and 295‑J apply to companies that are RSA providers

Operative provisions

320‑155  Subdivisions 295‑I and 295‑J apply to companies that are RSA providers
 (1) Despite subsection 295‑5(4), Subdivisions 295‑I and 295‑J apply to a *life insurance company that is an *RSA provider.
 (2) For the purposes of the application of those Subdivisions to a *life insurance company, a contribution included in the assessable income of the company under paragraph 320‑15(1)(l) is taken to have been included under Subdivision 295‑C.

Subdivision 320‑F—Complying superannuation asset pool

Guide to Subdivision 320‑F

320‑165  What this Subdivision is about
      This Subdivision explains how a life insurance company can segregate assets (to be known as a complying superannuation asset pool) to be used for the sole purpose of discharging its complying superannuation liabilities.

Table of sections

Operative provisions
320‑170 Establishment of complying superannuation asset pool
320‑175 Valuations of complying superannuation assets and complying superannuation liabilities for each valuation time
320‑180 Consequences of a valuation under section 320‑175
320‑185 Transfer of assets to complying superannuation asset pool otherwise than as a result of a valuation under section 320‑175
320‑190 Complying superannuation liabilities
320‑195 Transfer of assets and payment of amounts from a complying superannuation asset pool otherwise than as a result of a valuation under section 320‑175
320‑200 Consequences of transfer of assets to or from complying superannuation asset pool

Operative provisions

320‑170  Establishment of complying superannuation asset pool
 (1) A *life insurance company may, on or after 1 July 2000, segregate in accordance with subsections (2) and (3) any of its assets for the sole purpose of discharging its *complying superannuation liabilities out of those assets.
 (1A) Except as provided by section 320‑170 of the Income Tax (Transitional Provisions) Act 1997, an