Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-35
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INSURANCE BUSINESS
Division 320
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Life insurance companies
Subdivision 320-C
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Deductions and capital losses
Operative provisions
SECTION 320-105 Deduction for assets transferred to segregated exempt assets 320-105(1)
A *life insurance company can deduct the *transfer values of assets transferred in the income year to the company's *segregated exempt assets under subsection 320-235(3) or 320-240(1) .
320-105(2)
If an asset (other than money) is transferred to a *life insurance company's *segregated exempt assets under subsection 320-235(3) or section 320-240 , the company can deduct the amount (if any) that it can deduct because of section 320-255 .
View history note
Hide history noteSECTION 320-105 Deduction for assets transferred to segregated exempt assets 320-105(1)
A *life insurance company can deduct the *transfer values of assets transferred in the income year to the company's *segregated exempt assets under subsection 320-235(3) or 320-240(1) .
320-105(2)
If an asset (other than money) is transferred to a *life insurance company's *segregated exempt assets under subsection 320-235(3) or section 320-240 , the company can deduct the amount (if any) that it can deduct because of section 320-255 .
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