Income Tax Assessment Act 1997
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View history notePart 3-35 heading amended by No 169 of 2001.
Part 3-35 inserted by No 89 of 2000.
Div 320 inserted by No 89 of 2000.
Subdiv 320-D substituted by No 83 of 2004 and inserted by No 89 of 2000.
SECTION 320-133 Object of Subdivision 320-133(1)
The object of this Subdivision is to ensure that:
(a) for the purposes of working out the amount of a *life insurance company ' s income tax for an income year:
(i) the company ' s taxable income or *tax loss of one *class is worked out separately from its taxable income or tax loss of the other class; and
(ii) the company ' s tax losses of a particular class can be deducted only from its incomes in respect of that class; and
(b) for the purposes of this Act, that amount of income tax is treated as the company ' s income tax on its taxable income for that income year.
320-133(2)
In subsection (1), a class means the *complying superannuation class or the *ordinary class.
S 320-133(2) amended by No 70 of 2015, s 3 and Sch 1 item 189, by substituting " superannuation " for " superannuation/FHSA " , effective 1 July 2015.
S 320-133(2) amended by No 45 of 2008, s 3 and Sch 6 item 9, by substituting " complying superannuation/FHSA class " for " complying superannuation class " , effective 26 June 2008.
S 320-133 inserted by No 83 of 2004.
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