Income Tax (Transitional Provisions) Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-35
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INSURANCE BUSINESS
This section applies to an asset (an approved asset ) of a life insurance company if:
(a) the asset was acquired by the company before 1 July 2000; and
(b) the asset is held in an Australian fund or an Australian/overseas fund of the company; and
(c) the market value of the asset at that date exceeds whichever is the lesser of:
If the life insurance company wishes to include a part of an approved asset in its segregated exempt assets before 1 October 2000, the company must, before that date, certify in writing the part (if any) of the asset to be included in the segregated exempt assets. 320-225(3)
If the life insurance company so certifies, the part of the asset stated in the certificate is to be treated as a separate asset of the company.
Division 320
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Life insurance companies
Subdivision 320-H
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Segregation of assets for the purpose of discharging exempt life insurance policies
SECTION 320-225
Transfer of part of an asset to segregated exempt assets
320-225(1)
This section applies to an asset (an approved asset ) of a life insurance company if:
(a) the asset was acquired by the company before 1 July 2000; and
(b) the asset is held in an Australian fund or an Australian/overseas fund of the company; and
(c) the market value of the asset at that date exceeds whichever is the lesser of:
(i) $50,000,000; or
320-225(2)
(ii) whichever is the greater of 2% of the value of that fund at that date or $5,000,000.
If the life insurance company wishes to include a part of an approved asset in its segregated exempt assets before 1 October 2000, the company must, before that date, certify in writing the part (if any) of the asset to be included in the segregated exempt assets. 320-225(3)
If the life insurance company so certifies, the part of the asset stated in the certificate is to be treated as a separate asset of the company.
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