Income Tax Assessment Act 1997
CHAPTER 3
-
SPECIALIST LIABILITY RULES
PART 3-35
-
INSURANCE BUSINESS
Division 320
-
Life insurance companies
Subdivision 320-B
-
What is included in a life insurance company
'
s assessable income
Operative provisions
SECTION 320-35
320-35
Exempt income
These amounts *derived by a *life insurance company are exempt from income tax:
(a) amounts of *ordinary income and *statutory income accrued before 1 July 1988 that were derived from assets that have become *complying superannuation assets;
(b) if the company is an *RSA provider - any amounts that are disregarded because of paragraph 320-137(3)(d) or (e) in working out the companys taxable income of the *complying superannuation class.
View history note
Hide history noteThese amounts *derived by a *life insurance company are exempt from income tax:
(a) amounts of *ordinary income and *statutory income accrued before 1 July 1988 that were derived from assets that have become *complying superannuation assets;
(b) if the company is an *RSA provider - any amounts that are disregarded because of paragraph 320-137(3)(d) or (e) in working out the companys taxable income of the *complying superannuation class.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.