Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-35 - INSURANCE BUSINESS  

Division 320 - Life insurance companies  

Subdivision 320-B - What is included in a life insurance company ' s assessable income  

Operative provisions

SECTION 320-35  

320-35   Exempt income  


These amounts *derived by a *life insurance company are exempt from income tax:


(a) amounts of *ordinary income and *statutory income accrued before 1 July 1988 that were derived from assets that have become *complying superannuation assets;


(b) if the company is an *RSA provider - any amounts that are disregarded because of paragraph 320-137(3)(d) or (e) in working out the companys taxable income of the *complying superannuation class.


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