INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 713 - Rules for particular kinds of entities  

Subdivision 713-L - Life insurance companies  

General modifications for life insurance companies

SECTION 713-510A   Disregard single entity rule in working out certain amounts in respect of life insurance company  

713-510A(1)  
This section applies if a *life insurance company is a *member of a *consolidated group.

713-510A(2)  
However, if the *life insurance company is a *subsidiary member of the group, this section does not apply:


(a) for the purposes of working out the *tax cost setting amount of an asset of the life insurance company when it becomes a subsidiary member of the group; and


(b) for the purposes of working out the tax cost setting amount of a *membership interest in the life insurance company if it ceases to be a subsidiary member of the group.

713-510A(3)  


Disregard section 701-1 (the single entity rule) in working out any of the following for the purposes of Division 320 in relation to the *life insurance company:


(a) amounts of the *head company ' s ordinary income and statutory income derived from *segregated exempt assets that are not assessable income and are not *exempt income under paragraph 320-37(1)(a) ;


(b) the head company ' s taxable income of the *complying superannuation class (see section 320-137 );


(c) the head company ' s *tax loss of the complying superannuation class (see section 320-141 );


(d) the total *transfer value of the head company ' s *complying superannuation assets (see paragraph 320-175(1)(a) );


(e) the amount of the head company ' s *complying superannuation liabilities (see paragraph 320-175(1)(b) );


(f) the total transfer value of the head company ' s segregated exempt assets (see paragraph 320-230(1)(a) );


(g) the amount of the head company ' s *exempt life insurance policy liabilities (see paragraph 320-230(1)(b) ).


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