Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 713 - Rules for particular kinds of entities  

Subdivision 713-L - Life insurance companies  

Losses of life insurance companies joining consolidated group

SECTION 713-530   Treatment of certain losses of life insurance company  

713-530(1)    

This section applies if:

(a) a ^* life insurance company becomes a ^* member of a ^* consolidated group at a time (the joining time ); and

(b) just before the joining time, the life insurance company had either:

(i) a ^* tax loss of the ^* complying superannuation class; or

(ii) a ^* net capital loss from ^* complying superannuation assets.

713-530(2)    
This Act operates (except so far as the contrary intention appears) for the purposes of income years ending after the joining time as if:

(a) the ^* head company of the ^* consolidated group had made the loss for the income year in which the joining time occurs; and

(b) the ^* life insurance company had not made the loss for the income year for which it made the loss.

713-530(3)    
The ^* head company is not prevented from ^* utilising the loss for the income year in which the joining time occurs merely because this Act operates as if the head company had made the loss for that year.

713-530(4)    
Division 707 does not apply in relation to the ^* net capital loss or the ^* tax loss at the joining time.