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  • Part D Life insurance companies

    The head company of a consolidated group that has at least one member that is a life insurance company at any time during the income year is taken to be a life insurance company for the purposes of an income tax assessment.

    Part D must be completed where the head companies have the following losses carried forward to later income years in the complying superannuation class:

    • tax losses, or
    • net capital losses.

    Do not include tax losses or net capital losses of the complying superannuation class in other parts of the schedule.

    Show the tax losses deducted of the complying superannuation class (claimed as a deduction under section 320-141 of the ITAA 1997) in Life insurance companies taxation schedule.

    T Complying superannuation class tax losses carried forward to later income years

    Write at T the amount of tax losses carried forward to later income years from the complying superannuation class. This includes prior year tax losses from the complying superannuation class carried forward if they have not been deducted.

    A life insurance company has a tax loss of the complying superannuation class for an income year if, in that income year, the company's complying superannuation deductions exceed the sum of the:

    • assessable income from the complying superannuation class
    • net exempt income that is attributable to the complying superannuation class of assets.

    U Complying superannuation net capital losses carried forward to later income years

    Write at U the amount of net capital losses carried forward to later income years from the complying superannuation class. This includes prior year net capital losses from the complying superannuation class carried forward if they have not been applied.

    • A life insurance company has a net capital loss from the complying superannuation class for the income year if, in that income year, the capital losses made from complying superannuation class of assets exceed all capital gains made from complying superannuation class of assets.
    Last modified: 27 May 2021QC 64887