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

43   Paragraph 320-195(3)(c)

Repeal the paragraph, substitute:

(c) 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 exceeds the sum of:

(i) the company's *virtual PST liabilities at that time; and

(ii) any reasonable provision made by the company at that time in its accounts for liability for income tax in respect of those assets;