Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-35
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INSURANCE BUSINESS
A *life insurance company ' s *tax loss of the complying superannuation class is a tax loss worked out under this Act on the basis of only:
(a) assessable income of the company that is covered by subsection 320-137(2) ; and
(b) deductions of the company that are covered by subsection 320-137(4) ; and
(c) *net exempt income of the company that is attributable to *exempt income *derived:
A *life insurance company ' s *tax loss of the complying superannuation class can be deducted under this Act only from:
(a) *net exempt income of the company that is attributable to *exempt income *derived:
(b) assessable income of the company that is covered by subsection 320-137(2) , reduced by deductions of the company that are covered by subsection 320-137(4) .
Division 320
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Life insurance companies
Subdivision 320-D
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Income tax, taxable income and tax loss of life insurance companies
Taxable income and tax loss of life insurance companies
SECTION 320-141
Tax loss
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complying superannuation class
Working out a tax loss of the complying superannuation class
320-141(1)
A *life insurance company ' s *tax loss of the complying superannuation class is a tax loss worked out under this Act on the basis of only:
(a) assessable income of the company that is covered by subsection 320-137(2) ; and
(b) deductions of the company that are covered by subsection 320-137(4) ; and
(c) *net exempt income of the company that is attributable to *exempt income *derived:
(i) from the company ' s *complying superannuation assets; and
(ii) in relation to the period during which those assets were complying superannuation assets.
Note:
For the usual way of working out a tax loss: see section 36-10 . For other ways of working out a tax loss: see section 36-25 .
Deducting a tax loss of the complying superannuation class
320-141(2)
A *life insurance company ' s *tax loss of the complying superannuation class can be deducted under this Act only from:
(a) *net exempt income of the company that is attributable to *exempt income *derived:
(i) from the company ' s *complying superannuation assets; and
(ii) in relation to the period during which those assets were complying superannuation assets; and
(b) assessable income of the company that is covered by subsection 320-137(2) , reduced by deductions of the company that are covered by subsection 320-137(4) .
Note:
For the usual way of deducting a tax loss: see section 36-17 . For other ways of deducting a tax loss: see section 36-25 .
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