Income Tax Assessment Act 1997
The object of this Division is to provide for the taxation of *life insurance companies in a broadly comparable way to other entities that *derive similar kinds of income. 320-5(2)
To achieve this object, the Division:
(a) identifies certain amounts that are included in the assessable income, or are *exempt income or *non-assessable non-exempt income, of a *life insurance company; and
(b) identifies certain amounts that a life insurance company can deduct; and
(c) enables a life insurance company to have taxable incomes and *tax losses of the following classes for the purposes of working out its income tax for an income year:
(i) the *complying superannuation class;
(ii) the *ordinary class; and
(d) contains other provisions necessary to enable the income tax on the taxable income of a life insurance company to be worked out.
(e) (Repealed by No 83 of 2004)
Section 320-5 of the Income Tax (Transitional Provisions) Act 1997 provides that the tax consequences of certain transfers of assets of a life insurance company that is a friendly society to a complying superannuation fund are to be disregarded.