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  • Part D Life insurance entities

    Attention

    Warning:

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

    End of attention

    Only those entities that carry on the business of life insurance and that have virtual PST tax losses or virtual PST net capital losses carried forward to later income years complete part D.

    Note: That if the information requested in this part has already been supplied to the ATO in respect of the 2001-2002 income year, it is not necessary for this part to be completed.

    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.

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

    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.

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

    Last modified: 09 Aug 2016QC 16568