Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-35 - INSURANCE BUSINESS  

Division 320 - Life insurance companies  

Subdivision 320-F - Complying superannuation asset pool  

Operative provisions

SECTION 320-195   Transfer of assets and payment of amounts from a complying superannuation asset pool otherwise than as a result of a valuation under section 320-175  

320-195(1)    

If:

(a) a *life insurance policy issued by a *life insurance company becomes an *exempt life insurance policy; and

(b) immediately before the policy became an exempt life insurance policy, the policy was a policy referred to in subsection 320-190(1) ;

the company can transfer from a *complying superannuation asset pool, to its *segregated exempt assets, assets of any kind whose total *transfer value does not exceed the company ' s liabilities in respect of the policy.

320-195(2)    

A *life insurance company can at any time transfer an asset from a *complying superannuation asset pool in exchange for an amount of money equal to the *transfer value of the asset at the time of the transfer.

320-195(3)    

If a *life insurance company:

(a) imposes any fees or charges in respect of *complying superannuation assets; or

(b) imposes any fees or charges in respect of *complying superannuation life insurance policies other than policies:

(i) that provide *superannuation death benefits, *disability superannuation benefits or temporary disability benefits of a kind referred to in paragraph 295-460(c) , that are *participating benefits; and

(ii) the liabilities under which are to be discharged out of the company ' s *complying superannuation asset pool; or

(c) determines, at a time other than a *valuation time, that the total *transfer value of the company ' s complying superannuation assets as at that time exceeds the sum of:

(i) the company ' s *complying superannuation liabilities at that time; and

(ii) any reasonable provision made by the company at that time in its accounts for liability for income tax in respect of those assets;

the company must, when the fees or charges are imposed or the excess is determined, as the case may be, transfer, from the *complying superannuation asset pool, assets having a total transfer value equal to the fees, charges or excess, as the case may be.

320-195(4)    

If:

(a) any liabilities arise for the discharge of which a *life insurance company ' s *complying superannuation asset pool is established; or

(b) any expenses are incurred by a life insurance company directly in respect of *complying superannuation assets in relation to a period during which the assets are complying superannuation assets; or

(c) any liabilities to pay *PAYG instalments, or income tax, that are attributable to the company ' s *complying superannuation assets;

the life insurance company must pay, from the complying superannuation asset pool, any amounts required to discharge the liabilities, or amounts equal to the expenses (as appropriate).