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  • Part D Life insurance companies

    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 companies that carry on the business of life insurance and that have complying superannuation/FHSA class tax losses or complying superannuation/FHSA net capital losses carried forward to later income years complete part D of the losses schedule.

    Complying superannuation/FHSA class tax losses carried forward to later income years

    Generally, a life insurance company will have a tax loss of the complying superannuation/FHSA class for an income year if the company's complying superannuation/FHSA deductions for that income year exceed the sum of:

    • the complying superannuation/FHSA assessable income for that income year, and
    • net exempt income for the income year that is attributable to the complying superannuation/FHSA assets.

    Show at P the amount of complying superannuation/FHSA class tax losses carried forward to later income years.

    Complying superannuation/FHSA net capital losses carried forward to later income years

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

    Show at Q the amount of complying superannuation/FHSA net capital losses carried forward to later income years.

    Last modified: 27 Nov 2009QC 21731