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  • Statement of taxable income - allowable deductions/reductions

    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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    Virtual pooled superannuation trust (VPST) tax losses claimed

    Show at label H the amount of carry-forward VPST tax losses claimed as a reduction under subsection 320-205(2) of ITAA 1997.

    Other tax losses

    Show at label I the amount of other tax losses (other than VPST losses) claimed as a deduction by the life company under Subdivision 36A of ITAA 1997.

    Total allowable deductions - ordinary class

    The total allowable deductions of the ordinary class of the company is the total allowable deductions of the company less the total allowable deductions/reductions of the complying superannuation class. The total allowable deductions of the ordinary class includes transfers to the VPST as stated in Transfers to VPST and must be shown at label J.

    Total allowable deductions/reductions - complying superannuation class

    The total allowable deductions/reductions of the complying superannuation class is the total of the following amounts:

    • the sum of the amounts of the reductions of the VPST referred to in subsection 320-205(4) of ITAA 1997 and
    • the total of all amounts debited from RSAs other than benefits paid to, or in respect of, the holders of the RSAs - subsection 320-155(1) of ITAA 1997.

    Show at label K the total allowable deductions/reductions for the complying superannuation class.

    Note that where the sum of the amounts of the reductions of the VPST referred to in subsection 320-205(4) of ITAA 1997 exceed the sum of the amounts of the assessable income of the VPST under subsection 320-205(3) of ITAA 1997 the sum of the amounts of the reductions of the VPST are the same amount as the sum of the amounts of the assessable income of the VPST.

    Last modified: 20 Feb 2020QC 17234