Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-35 - INSURANCE BUSINESS  

Division 320 - Life insurance companies  

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

Taxable income and tax loss of life insurance companies

SECTION 320-149   Provisions that apply only in relation to the ordinary class  

320-149(1)  
The provisions covered by subsection (2):


(a) have effect as provided by section 320-135 in relation to a *life insurance company ' s taxable income, or *tax loss, of the *ordinary class; but


(b) have no effect in relation to the company ' s taxable income, or tax loss, of the *complying superannuation class.

320-149(2)  


This subsection covers these provisions:


(a) section 36-55 ;


(aa) Division 160 (Corporate loss carry back tax offset for 2020-21 or 2021-22 for businesses with turnover under $5 billion);


(b) Division 165 (except Subdivision 165-CD ).

Example 1:

A life insurance company that has an amount of excess franking offsets will need to recalculate its tax loss of the ordinary class under section 36-55 . But its tax loss of the complying superannuation class is unaffected by that section.

Example 2:

A life insurance company that fails to meet the relevant tests of Division 165 will need to recalculate the ordinary class of its taxable income and tax loss under Subdivision 165-B . But the complying superannuation class of its taxable income and tax loss are unaffected by that Subdivision.


 

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