Income Tax Assessment Act 1997
(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.
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.
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.
(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).
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.