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Part D Life insurance companies

Last updated 26 November 2009

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.

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