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-B
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What is included in a life insurance company
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s assessable income
Operative provisions
SECTION 320-45 Tax treatment of gains or losses from CGT events in relation to complying superannuation assets 320-45(1)
If a *CGT event happens in respect of a *CGT asset that is a *complying superannuation asset of a *life insurance company, section 295-85 and 295-90 applies for the purpose of working out the amount of any *capital gain or *capital loss that arises from the event.
320-45(2)
Subsection (1) has effect despite anything in Division 230 .
View history note
Hide history noteSECTION 320-45 Tax treatment of gains or losses from CGT events in relation to complying superannuation assets 320-45(1)
If a *CGT event happens in respect of a *CGT asset that is a *complying superannuation asset of a *life insurance company, section 295-85 and 295-90 applies for the purpose of working out the amount of any *capital gain or *capital loss that arises from the event.
Note:
See Subdivision 295-B of the Income Tax (Transitional Provisions) Act 1997 for rules about cost base for assets owned by superannuation entities at the end of 30 June 1988.
320-45(2)
Subsection (1) has effect despite anything in Division 230 .
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