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-F
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Complying superannuation asset pool
Operative provisions
SECTION 320-190 Complying superannuation liabilities 320-190(1)
The amount of the *complying superannuation liabilities of a *life insurance company is to be worked out in accordance with subsection (2) in respect only of *life insurance policies issued by the company:
(a) that are *complying superannuation life insurance policies; and
(b) the liabilities under which are to be discharged out of the company ' s *complying superannuation assets.
320-190(2)
The amount of the complying superannuation liabilities of a *life insurance company at a particular time is the sum of the following amounts at that time, as calculated by an *actuary:
(a) for policies providing for *participating benefits or *discretionary benefits:
(b) for other policies - the *current termination values.
View history note
Hide history noteSECTION 320-190 Complying superannuation liabilities 320-190(1)
The amount of the *complying superannuation liabilities of a *life insurance company is to be worked out in accordance with subsection (2) in respect only of *life insurance policies issued by the company:
(a) that are *complying superannuation life insurance policies; and
(b) the liabilities under which are to be discharged out of the company ' s *complying superannuation assets.
320-190(2)
The amount of the complying superannuation liabilities of a *life insurance company at a particular time is the sum of the following amounts at that time, as calculated by an *actuary:
(a) for policies providing for *participating benefits or *discretionary benefits:
(i) the values of supporting assets, as defined in the *Valuation Standard; and
(ii) the *policy owners ' retained profits;
(b) for other policies - the *current termination values.
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