Income Tax Assessment Act 1997



Division 320 - Life insurance companies  

Subdivision 320-F - Complying superannuation asset pool  

Operative provisions

SECTION 320-190   Complying superannuation liabilities  


The amount of the *complying superannuation liabilities of a *life insurance company is to be worked out in accordance with subsection (2) in respect only of *life insurance policies issued by the company:

(a) that are *complying superannuation life insurance policies; and

(b) the liabilities under which are to be discharged out of the company ' s *complying superannuation assets.


The amount of the complying superannuation liabilities of a *life insurance company at a particular time is the sum of the following amounts at that time, as calculated by an *actuary:

(a) for policies providing for *participating benefits or *discretionary benefits:

(i) the values of supporting assets, as defined in the *Valuation Standard; and

(ii) the *policy owners ' retained profits;

(b) for other policies - the *current termination values.


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