Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-35 - INSURANCE BUSINESS  

Division 320 - Life insurance companies  

Subdivision 320-H - Segregation of assets to discharge exempt life insurance policy liabilities  

Operative provisions

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

320-230(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.

320-230(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 1:

The time when a life insurance company joins or leaves a consolidated group is also a valuation time: see sections 713-525 and 713-585 .

Note 2:

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 .