INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-35 - INSURANCE BUSINESS  

Division 320 - Life insurance companies  

Subdivision 320-H - 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

(ii) whichever is the greater of 2% of the value of that fund at that date or $5,000,000.

320-225(2)  
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.




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.