Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-35
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INSURANCE BUSINESS
This section has effect if:
(a) the originating company and the recipient company were members of the same *wholly-owned group just before the transfer took place; and
(b) a *life insurance policy (also the original policy ):
For the purposes of section 320-40 , a *life insurance policy issued by the recipient company in substitution for the original policy is taken to have been constituted by a contract made with the recipient company before 1 July 2000 if the terms of the substituted policy are not materially different from those of the original policy. 320-345(3)
Subsection 320-40(4) applies to so much of the sum of the amounts applicable in respect of the substituted policy under subsections 320-40(5) , (6) and (7) as does not exceed any fees or charges made by the recipient company that the originating company would have been entitled to make under the terms of the original policy as applying just before 1 July 2000.
Division 320
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Life insurance companies
Subdivision 320-I
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Transfers of business
Operative provisions
SECTION 320-345
Exemption of management fees
320-345(1)
This section has effect if:
(a) the originating company and the recipient company were members of the same *wholly-owned group just before the transfer took place; and
(b) a *life insurance policy (also the original policy ):
(i) is constituted by a contract made with the originating company before 1 July 2000; and
320-345(2)
(ii) is transferred to the recipient company before 1 July 2005.
For the purposes of section 320-40 , a *life insurance policy issued by the recipient company in substitution for the original policy is taken to have been constituted by a contract made with the recipient company before 1 July 2000 if the terms of the substituted policy are not materially different from those of the original policy. 320-345(3)
Subsection 320-40(4) applies to so much of the sum of the amounts applicable in respect of the substituted policy under subsections 320-40(5) , (6) and (7) as does not exceed any fees or charges made by the recipient company that the originating company would have been entitled to make under the terms of the original policy as applying just before 1 July 2000.
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