Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-35 - INSURANCE BUSINESS  

Division 320 - Life insurance companies  

Operative provisions  

Subdivision 320-A - Preliminary

SECTION 320-5   Object of Division  

320-5(1)  


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(e) (Repealed by No 83 of 2004)

Note:

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.


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