Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-35 - INSURANCE BUSINESS  

Division 320 - Life insurance companies  

Subdivision 320-H - Segregation of assets to discharge exempt life insurance policy liabilities  

Operative provisions

SECTION 320-240   Transfer of assets to segregated exempt assets otherwise than as a result of a valuation under section 320-230  

320-240(1)    

If a * life insurance company determines, at a time other than a * valuation time, that:

(a) the total * transfer value of the company's * segregated exempt assets as at that time;

is less than

(b) the company's * exempt life insurance policy liabilities as at that time;

the company can transfer, to the segregated exempt assets, assets of any kind having a total transfer value not exceeding the difference.

320-240(2)    
A * life insurance company can at any time transfer an asset of any kind to its * segregated exempt assets in exchange for an amount of money equal to the * transfer value of the asset at the time of the transfer.

320-240(3)    
A * life insurance company can transfer, to its * segregated exempt assets 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 * exempt life insurance policies.

320-240(4)    

Except as provided by this section and subsections 320-195(1) and 320-235(3) , a * life insurance company cannot transfer an asset to its * segregated exempt assets.