Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-35
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INSURANCE BUSINESS
Division 320
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Life insurance companies
Subdivision 320-C
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Deductions and capital losses
Operative provisions
SECTION 320-125
Capital losses from complying superannuation assets
320-125(1)
In working out a *life insurance company ' s *net capital gain or *net capital loss for the income year, *capital losses from *complying superannuation assets can be used only to reduce *capital gains from complying superannuation assets.
320-125(2)
If some or all of a *capital loss from a *complying superannuation asset cannot be applied in an income year, the unapplied amount can be applied in the next income year in which the company ' s *capital gains from *complying superannuation assets exceed the company ' s capital losses (if any) from complying superannuation assets.
320-125(3)
If the company has 2 or more unapplied *net capital losses from *complying superannuation assets, the company must apply them in the order in which they were made.
View history note
Hide history noteIn working out a *life insurance company ' s *net capital gain or *net capital loss for the income year, *capital losses from *complying superannuation assets can be used only to reduce *capital gains from complying superannuation assets.
If some or all of a *capital loss from a *complying superannuation asset cannot be applied in an income year, the unapplied amount can be applied in the next income year in which the company ' s *capital gains from *complying superannuation assets exceed the company ' s capital losses (if any) from complying superannuation assets.
If the company has 2 or more unapplied *net capital losses from *complying superannuation assets, the company must apply them in the order in which they were made.
Note:
This section affects the amount of assessable income that is to be taken into account in working out a taxable income or tax loss of the complying superannuation class: see sections 320-137 and 320-141 .
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