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-F
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Complying superannuation asset pool
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;
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.
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.
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.
View history note
Hide history noteIf 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.
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.
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.
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.
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