Income Tax Assessment Act 1997



Division 320 - Life insurance companies  

Subdivision 320-D - Income tax, taxable income and tax loss of life insurance companies  

General rules

SECTION 320-133   Object of Subdivision  

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.


In subsection (1), a class means the *complying superannuation class or the *ordinary class.


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