Tax Laws Amendment (2004 Measures No. 2) Act 2004 (83 of 2004)

Schedule 1   Life insurance companies

Part 1   Amendments commencing on 30 June 2000

Income Tax Assessment Act 1997

37   Section 320-175

Repeal the section, substitute:

320-175 Valuations of virtual PST assets and virtual PST liabilities for each valuation time

(1) A *life insurance company that has established a *virtual PST 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 *virtual PST assets as at the valuation time;

(b) the company's *virtual PST liabilities as at the valuation time.

(2) These are the valuation times :

(a) the end of the income year in which the *virtual PST was established;

(b) the end of each later income year.

Note: 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.