INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-35 - INSURANCE BUSINESS  

Division 320 - Life insurance companies  

Subdivision 320-C - Deductions and capital losses  

Operative provisions

SECTION 320-125   Capital losses from complying superannuation assets  

320-125(1)  


In working out a *life insurance company ' s *net capital gain or *net capital loss for the income year, *capital losses from *complying superannuation assets can be used only to reduce *capital gains from complying superannuation assets.

320-125(2)  


If some or all of a *capital loss from a *complying superannuation asset cannot be applied in an income year, the unapplied amount can be applied in the next income year in which the company ' s *capital gains from *complying superannuation assets exceed the company ' s capital losses (if any) from complying superannuation assets.

320-125(3)  


If the company has 2 or more unapplied *net capital losses from *complying superannuation assets, the company must apply them in the order in which they were made.
Note:

This section affects the amount of assessable income that is to be taken into account in working out a taxable income or tax loss of the complying superannuation class: see sections 320-137 and 320-141 .


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