INCOME TAX ASSESSMENT ACT 1997
Subject to the other provisions in this Subdivision:
(a) this Act has effect for a *life insurance company in relation to working out a taxable income of a particular *class in the same way as it has effect in relation to working out a taxable income of any other company; and
(b) this Act has effect for a life insurance company in relation to working out or deducting a *tax loss of a particular class in the same way as it has effect in relation to working out or deducting a tax loss of any other company. 320-135(2)
Sections 320-137 to 320-143 have effect in addition to other provisions in this Act that relate to working out a taxable income or *tax loss, or deducting a tax loss (as appropriate). 320-135(3)
Nothing in this Subdivision prevents a *life insurance company from:
(a) having taxable incomes, or *tax losses, of both *classes for the same income year; or
(b) having a taxable income of one class and a tax loss of the other class for the same income year.
In certain circumstances, a life insurance company can have a taxable income and a tax loss of the same class in an income year (see Subdivision 165-B as it has effect under this Subdivision).
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