Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-35 - INSURANCE BUSINESS  

Division 320 - Life insurance companies  

Subdivision 320-D - Income tax, taxable income and tax loss of life insurance companies  

General rules

SECTION 320-133   Object of Subdivision  

320-133(1)    
The object of this Subdivision is to ensure that:

(a) for the purposes of working out the amount of a *life insurance company ' s income tax for an income year:

(i) the company ' s taxable income or *tax loss of one *class is worked out separately from its taxable income or tax loss of the other class; and

(ii) the company ' s tax losses of a particular class can be deducted only from its incomes in respect of that class; and

(b) for the purposes of this Act, that amount of income tax is treated as the company ' s income tax on its taxable income for that income year.

320-133(2)    

In subsection (1), a class means the *complying superannuation class or the *ordinary class.