Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-35
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INSURANCE BUSINESS
Division 320
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Life insurance companies
Subdivision 320-B
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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 noteSECTION 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.
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