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  • Statement of taxable income - assessable income

    Attention

    Warning:

    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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    Premiums from accident and disability and term policies

    Show at label C the total amount of gross premiums received from accident and disability and term policies. Term policies include assets (including money) having a total transfer value equal to 'risk riders' that are transferred from the virtual pooled superannuation trust (VPST) under section 320-195 of Income Tax Assessment Act 1997 (ITAA 1997). Disability policies include continuous disability policies.

    Premiums - other life insurance policies

    Show at label D for the ordinary class, the total amount of gross premiums received from all life insurance policies for the ordinary class except for:

    • exempt life insurance policies
    • term policies (including riders)
    • accident and disability policies.

    Show at label E for the VPST the total amount of gross premiums received from VPST life insurance policies.

    Total ordinary income - ordinary class

    Please see appendix 1. The income of the ordinary class includes transfers from the VPST as stated in Transfers from VPST and must be shown at label F.

    Total assessable income - complying superannuation class

    The total assessable income of the complying superannuation class is the total of the following amounts:

    • the sum of the amounts of the assessable income of the VPST under subsection 320-205(3) of ITAA 1997
    • the amount included in the assessable income of the specified roll-over component of the complying superannuation class under paragraph 320-15(j) and section 320-215 of ITAA 1997, and
    • if the life company is a retirement savings account (RSA) provider, the taxable contributions made to RSAs provided by the company, under paragraph 320-15(l) and subsection 320-155(1) of ITAA 1997.

    The total assessable income of the complying superannuation class includes transfers to the VPST as stated in Transfers to VPST and must be shown at label G.

    Last modified: 20 Feb 2020QC 17234