Document ID: chunk:federal_register_of_legislation:C2016C00475:clause:1_233
Version: federal_register_of_legislation:C2016C00475
Segment Type: clause
Provision Reference: sch 1 cl 233
Character Range: 71793–72904

233  After Subdivision 320‑D
Insert:

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.