CHAPTER 3
-
SPECIALIST LIABILITY RULES
PART 3-35
-
INSURANCE BUSINESS
History
Part 3-35 heading amended by No 169 of 2001.
Part 3-35 inserted by No 89 of 2000.
Division 320
-
Life insurance companies
History
Div 320 inserted by No 89 of 2000.
Subdivision 320-F
-
Complying superannuation asset pool
History
Subdiv 320-F heading amended by No 70 of 2015, s 3 and Sch 1 item 189, by substituting
"
superannuation
"
for
"
superannuation/FHSA
"
, effective 1 July 2015.
Subdiv 320-F (heading) substituted by No 45 of 2008, s 3 and Sch 7 item 24, effective 26 June 2008. The heading formerly read:
Subdivision 320-F
-
Virtual PST
Subdiv 320-F (heading) substituted by No 83 of 2004.
Operative provisions
SECTION 320-185
Transfer of assets to complying superannuation asset pool otherwise than as a result of a valuation under section 320-175
320-185(1)
If a *life insurance company determines, at a time other than a *valuation time, that the total *transfer value of the company
'
s *complying superannuation assets as at that time is less than the sum of:
(a)
the company
'
s *complying superannuation liabilities as at that time; and
(b)
any reasonable provision made by the company at that time in its accounts for liability for income tax in respect of those assets;
the company can transfer, to the *complying superannuation asset pool, assets of any kind having a total transfer value not exceeding the difference.
History
S 320-185(1) amended by No 70 of 2015, s 3 and Sch 1 item 189, by substituting
"
superannuation
"
for
"
superannuation/FHSA
"
(wherever occurring), effective 1 July 2015.
S 320-185(1) amended by No 45 of 2008, s 3 and Sch 5 item 15, by substituting
"
complying superannuation/FHSA asset pool
"
for
"
virtual PST
"
(last occurring), effective 26 June 2008.
S 320-185(1) amended by No 45 of 2008, s 3 and Sch 4 items 40 and 41, by substituting
"
complying superannuation/FHSA
"
for
"
virtual PST
"
(first occurring) and substituting
"
complying superannuation/FHSA
"
for
"
virtual PST
"
in para (a), effective 26 June 2008.
S 320-185(1) substituted by No 83 of 2004.
320-185(2)
A *life insurance company can at any time transfer an asset of any kind to a *complying superannuation asset pool in exchange for an amount of money equal to the *transfer value of the asset at the time of the transfer.
History
S 320-185(2) amended by No 70 of 2015, s 3 and Sch 1 item 189, by substituting
"
superannuation
"
for
"
superannuation/FHSA
"
, effective 1 July 2015.
S 320-185(2) amended by No 45 of 2008, s 3 and Sch 5 item 16, by substituting
"
complying superannuation/FHSA asset pool
"
for
"
virtual PST
"
, effective 26 June 2008.
320-185(3)
A *life insurance company can transfer to a *complying superannuation asset pool in an income year assets of any kind having a total *transfer value not exceeding the total amount of the *life insurance premiums paid to the company in that income year for the purchase of *complying superannuation life insurance policies.
History
S 320-185(3) amended by No 70 of 2015, s 3 and Sch 1 item 189, by substituting
"
superannuation
"
for
"
superannuation/FHSA
"
(wherever occurring), effective 1 July 2015.
S 320-185(3) amended by No 45 of 2008, s 3 and Sch 5 item 17, by substituting
"
complying superannuation/FHSA asset pool
"
for
"
virtual PST
"
(first occurring), effective 26 June 2008.
S 320-185(3) amended by No 45 of 2008, s 3 and Sch 4 item 42, by substituting
"
complying superannuation/FHSA
"
for
"
virtual PST
"
(last occurring), effective 26 June 2008.
320-185(4)
Except as provided by this section and subsections
320-180(3)
and
320-250(1A)
, a *life insurance company cannot transfer an asset to a *complying superannuation asset pool.
History
S 320-185(4) amended by No 81 of 2016, s 3 and Sch 8 item 19, by substituting
"
and subsections 320-180(3) and 320-250(1A)
"
for
"
and subsection 320-180(3)
"
, effective 1 January 2017 and applicable in relation to the 2017-18 income year and later income years. The amendments also applicable during the period:
(a) starting on the start of the day on which the Bill that became the
Treasury Laws Amendment (2017 Measures No 2) Act 2017
was introduced into the House of Representatives; and
(b) ending just before 1 July 2017.
S 320-185(4) amended by No 70 of 2015.
S 320-185(4) amended by No 45 of 2008, s 3 and Sch 5 item 18, by substituting
"
complying superannuation/FHSA asset pool
"
for
"
virtual PST
"
, effective 26 June 2008.
S 320-185(4) amended by No 83 of 2004.
History
S 320-185 inserted by No 89 of 2000.