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

40   Subsection 320-185(1)

Repeal the subsection, substitute:

(1) If a *life insurance company determines, at a time other than a *valuation time, that the total *transfer value of the company's *virtual PST assets as at that time is less than the sum of:

(a) the company's *virtual PST 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 *virtual PST, assets of any kind having a total transfer value not exceeding the difference.