Income Tax Assessment Act 1997
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Hide history noteSECTION 320-175 Valuations of complying superannuation assets and complying superannuation liabilities for each valuation time 320-175(1)
A *life insurance company that has established a *complying superannuation asset pool must cause the following amounts to be calculated within the period of 60 days starting immediately after each *valuation time:
(a) the total *transfer value of the company ' s *complying superannuation assets as at the valuation time;
(b) the company ' s *complying superannuation liabilities as at the valuation time.
Note:
The time when a life insurance company joins or leaves a consolidated group is also a valuation time: see section 713-525 .
320-175(2)
These are the valuation times :
(a) the end of the income year in which the *complying superannuation asset pool was established;
(b) the end of each later income year.
Note 1:
The time when a life insurance company joins or leaves a consolidated group is also a valuation time: see sections 713-525 and 713-585 .
Note 2:
A life insurance company that fails to comply with this section is liable to an administrative penalty: see section 288-70 in Schedule 1 to the Taxation Administration Act 1953 .
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