INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-35 - INSURANCE BUSINESS  

Division 320 - Life insurance companies  

Subdivision 320-F - Complying superannuation asset pool  

Operative provisions

SECTION 320-175   Valuations of complying superannuation assets and complying superannuation liabilities for each valuation time  

320-175(1)  


A *life insurance company that has established a *complying superannuation asset pool must cause the following amounts to be calculated within the period of 60 days starting immediately after each *valuation time:


(a) the total *transfer value of the company ' s *complying superannuation assets as at the valuation time;


(b) the company ' s *complying superannuation liabilities as at the valuation time.

Note:

The time when a life insurance company joins or leaves a consolidated group is also a valuation time: see section 713-525 .

320-175(2)  
These are the valuation times :


(a) the end of the income year in which the *complying superannuation asset pool was established;


(b) the end of each later income year.

Note 1:

The time when a life insurance company joins or leaves a consolidated group is also a valuation time: see sections 713-525 and 713-585 .

Note 2:

A life insurance company that fails to comply with this section is liable to an administrative penalty: see section 288-70 in Schedule 1 to the Taxation Administration Act 1953 .


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