Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-90
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CONSOLIDATED GROUPS
Division 713
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Rules for particular kinds of entities
Subdivision 713-L
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Life insurance companies
Tax cost setting rules for life insurance companies joining consolidated group
SECTION 713-525 713-525 Obligation to value certain assets and liabilities at joining time
Division 320 has effect as if the time when a * life insurance company becomes a * subsidiary member of a * consolidated group were a * valuation time for the purposes of sections 320-175 and 320-230 .
View history note
Hide history noteSECTION 713-525 713-525 Obligation to value certain assets and liabilities at joining time
Division 320 has effect as if the time when a * life insurance company becomes a * subsidiary member of a * consolidated group were a * valuation time for the purposes of sections 320-175 and 320-230 .
Note:
This means that there must be a valuation of the complying superannuation assets and complying superannuation liabilities under section 320-175 (with the consequences set out in section 320-180 ), and a valuation of the segregated exempt assets and exempt life insurance policy liabilities under section 320-230 (with the consequences set out in section 320-235 ), as at that time.
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