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

51   Section 320-230

Repeal the section, substitute:

320-230 Valuations of segregated exempt assets and exempt life insurance policy liabilities for each valuation time

(1) A *life insurance company that has segregated any of its assets in accordance with section 320-225 must cause the following amounts to be calculated within the period of 60 days starting immediately after each *valuation time:

(a) the total *transfer value of the company's *segregated exempt assets as at the valuation time;

(b) the amount of the company's *exempt life insurance policy liabilities as at the valuation time.

(2) These are the valuation times :

(a) the end of the income year in which the segregation occurred;

(b) the end of each later income year.

Note: A life insurance company that fails to comply with this section is liable to an administrative penalty: see section 288-70 in Schedule 1 to the Taxation Administration Act 1953.