Income Tax Assessment Act 1997



Division 320 - Life insurance companies  

Subdivision 320-F - Complying superannuation asset pool  

Operative provisions

SECTION 320-185   Transfer of assets to complying superannuation asset pool otherwise than as a result of a valuation under section 320-175  


If a *life insurance company determines, at a time other than a *valuation time, that the total *transfer value of the company ' s *complying superannuation assets as at that time is less than the sum of:

(a) the company ' s *complying superannuation liabilities as at that time; and

(b) any reasonable provision made by the company at that time in its accounts for liability for income tax in respect of those assets;

the company can transfer, to the *complying superannuation asset pool, assets of any kind having a total transfer value not exceeding the difference.


A *life insurance company can at any time transfer an asset of any kind to a *complying superannuation asset pool in exchange for an amount of money equal to the *transfer value of the asset at the time of the transfer.


A *life insurance company can transfer to a *complying superannuation asset pool in an income year assets of any kind having a total *transfer value not exceeding the total amount of the *life insurance premiums paid to the company in that income year for the purchase of *complying superannuation life insurance policies.


Except as provided by this section and subsections 320-180(3) and 320-250(1A) , a *life insurance company cannot transfer an asset to a *complying superannuation asset pool.

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