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  • Part D Life insurance companies

    The head company of a consolidated group that has subsidiary members that are life companies, is taken to be a life insurance company for the purposes of an assessment of income tax during the period when any subsidiary members of the group are life companies. Only those head companies that have virtual PST tax losses or virtual PST net capital losses carried forward to later income years are required to complete part D.

    Virtual PST tax losses carried forward to later income years

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    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

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    Show at label T the amount of virtual PST tax losses carried forward to later income years.

    The virtual PST component of the complying superannuation class of a life company has a tax loss for the income year if the sum of the virtual PST's assessable income as specified in subsection 320-205(3) of ITAA 1997 is less than the amount of the virtual PST's reductions as specified in subsection 320-205(4) of ITAA 1997.

    Virtual PST net capital losses carried forward to later income years

    Show at label U the amount of virtual PST net capital losses carried forward to later income years.

    The virtual PST component of the complying superannuation class of a life company has a net capital loss for the income year if the total of all capital gains made from virtual PST assets during the income year is less than the total of all the capital losses made from virtual PST assets during the income year.

    Last modified: 30 Jul 2003QC 27493