Income Tax (Transitional Provisions) Act 1997
This section applies to an asset (an approved asset ) of a life insurance company if:
(a) the asset was acquired by the company before 1 July 2000; and
(b) the asset is held in an Australian fund or an Australian/overseas fund of the company; and
(c) the market value of the asset at that date exceeds whichever is the lesser of:
(i) $50,000,000; or
(ii) whichever is the greater of 2% of the value of that fund at that date or $5,000,000.
320-170(2)
If the life insurance company wishes to include a part of an approved asset in its virtual PST before 1 October 2000, the company must, before that date, certify in writing the part (if any) of the asset to be included in the virtual PST.
320-170(3)
If the life insurance company so certifies, the part of the asset stated in the certificate is to be treated as a separate asset of the company.
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