Tax Laws Amendment (2004 Measures No. 2) Act 2004 (83 of 2004)

Schedule 1   Life insurance companies

Part 1   Amendments commencing on 30 June 2000

Income Tax Assessment Act 1997

28   Section 320-87

Repeal the section, substitute:

320-87 Deduction for assets transferred from or to virtual PST

(1) A *life insurance company can deduct the *transfer values of assets that are transferred by the company in the income year from a *virtual PST under subsection 320-180(1) or 320-195(3).

(2) A *life insurance company can deduct the *transfer values of assets that are transferred by the company in the income year to a *virtual PST under subsection 320-180(3) or 320-185(1).

(3) If an asset (other than money) is transferred by a *life insurance company:

(a) from a *virtual PST under subsection 320-180(1) or 320-195(2) or (3); or

(b) to a virtual PST under subsection 320-180(3) or section 320-185;

the company can deduct the amount (if any) that it can deduct because of section 320-200.