Income Tax Assessment Act 1997
CHAPTER 3
-
SPECIALIST LIABILITY RULES
PART 3-90
-
CONSOLIDATED GROUPS
Division 713
-
Rules for particular kinds of entities
Subdivision 713-L
-
Life insurance companies
Tax cost setting rules for life insurance companies leaving consolidated group
SECTION 713-585 713-585 Obligation to value certain assets and liabilities at leaving time
Division 320 has effect as if the time when a * life insurance company ceases to be a * subsidiary member of a * consolidated group were a * valuation time for the purposes of sections 320-175 and 320-230 .
View history note
Hide history noteSECTION 713-585 713-585 Obligation to value certain assets and liabilities at leaving time
Division 320 has effect as if the time when a * life insurance company ceases to be a * subsidiary member of a * consolidated group were a * valuation time for the purposes of sections 320-175 and 320-230 .
Note:
This means that there must be a valuation of the complying superannuation assets and complying superannuation liabilities under section 320-175 (with the consequences set out in section 320-180 ), and a valuation of the segregated exempt assets and exempt life insurance policy liabilities under section 320-230 (with the consequences set out in section 320-235 ), as at that time.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.