Income Tax Assessment Act 1997



Division 320 - Life insurance companies  

Subdivision 320-C - Deductions and capital losses  

Guide to Subdivision 320-C

SECTION 320-50   What this Subdivision is about  

This Subdivision specifies particular deductions that are available to a life insurance company, specifies particular amounts that a life insurance company cannot deduct and contains provisions relating to a life insurance company ' s capital losses.

Operative provisions
320-55 Deduction for life insurance premiums where liabilities under life insurance policies are to be discharged from complying superannuation assets
320-60 Deduction for life insurance premiums where liabilities under life insurance policies are to be discharged from segregated exempt assets
320-65 Deduction for life insurance premiums in respect of life insurance policies that provide for participating or discretionary benefits
320-70 No deduction for life insurance premiums in respect of certain life insurance policies payable only on death or disability
320-75 Deduction for ordinary investment policies
320-80 Deduction for certain claims paid under life insurance policies
320-85 Deduction for increase in value of liabilities under net risk components of life insurance policies
320-87 Deduction for assets transferred from or to complying superannuation asset pool
320-100 Deduction for life insurance premiums paid under certain contracts of reinsurance
320-105 Deduction for assets transferred to segregated exempt assets
320-107 (Repealed by No 81 of 2016)
320-110 Deduction for interest credited to income bonds
320-111 Deduction for funeral policy payout
320-112 Deduction for scholarship plan payout
320-115 No deduction for amounts credited to RSAs
320-120 Capital losses from assets other than complying superannuation assets or segregated exempt assets
320-125 Capital losses from complying superannuation assets


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