Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 713 - Rules for particular kinds of entities  

Subdivision 713-L - Transitional relief for certain transactions relating to life insurance companies  

SECTION 713-510   When this Subdivision applies (second case)  

713-510(1)    
This Subdivision also provides for a deferral of the taxation consequences that would occur if:

(a) a life insurance company transfers an asset (also the original asset ) to its virtual PST or from its virtual PST where, apart from this Subdivision, section 320-200 of the Income Tax Assessment Act 1997 would apply to the transfer; or

(b) a life insurance company transfers an asset (also the original asset ) to its segregated exempt assets where, apart from this Subdivision, section 320-255 of the Income Tax Assessment Act 1997 would apply to the transfer;

where the transfer (also the deferral event ) is made in connection with the life insurance company (also the member life insurance company ) becoming a member of a consolidated group.

713-510(2)    
The relevant conditions in section 713-520 must be met.