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 320-180   Consequences of a valuation under section 320-175  

Transfer from the complying superannuation asset pool

320-180(1)    

If the total *transfer value of the company ' s *complying superannuation assets as at a *valuation time exceeds the sum of:

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

(b) 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 transfer, from the *complying superannuation asset pool, assets of any kind having a total transfer value equal to the excess.

320-180(2)    
A transfer under subsection (1) must be made within the period of 30 days starting immediately after:

(a) the day on which the total *transfer value and the *complying superannuation liabilities (as at the *valuation time) were calculated; or

(b) if those amounts were calculated on different days - the later of those days.

The transfer, once made, is taken to have been made at the valuation time (whether or not the transfer is made within those 30 days).

Note:

A life insurance company that fails to comply with subsections (1) and (2) is liable to an administrative penalty: see section 288-70 in Schedule 1 to the Taxation Administration Act 1953 .

Transfer to the complying superannuation asset pool

320-180(3)    

If the total *transfer value of the company ' s *complying superannuation assets as at a *valuation time is less than the sum of:

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

(b) 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 can transfer, to the *complying superannuation asset pool, assets of any kind having a total transfer value not exceeding the difference.

320-180(4)    
A transfer under subsection (3) is taken to have been made at the *valuation time if it is made within the period of 30 days starting immediately after:

(a) the day on which the total *transfer value and the *complying superannuation liabilities (as at the valuation time) were calculated; or

(b) if those amounts were calculated on different days - the later of those days.