Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 320-143 Tax loss - ordinary class
Working out a tax loss of the ordinary class
320-143(1)
A *life insurance company ' s *tax loss of the ordinary class is a tax loss worked out under this Act on the basis of only:
(a) assessable income of the company that is not covered by subsection 320-137(2) ; and
(b) amounts (other than tax losses) that the company can deduct and are not covered by subsection 320-137(4) ; and
(c) *net exempt income of the company that is not attributable to *exempt income *derived:
(i) from the company ' s *complying superannuation assets; and
(ii) in relation to the period during which those assets were complying superannuation assets.
Note:
For the usual way of working out a tax loss: see section 36-10 . For other ways of working out a tax loss: see section 36-25 .
Deducting a tax loss of the ordinary class
320-143(2)
A *life insurance company ' s *tax loss of the ordinary class can be deducted under this Act only from:
(a) *net exempt income of the company that is not attributable to *exempt income *derived:
(i) from the company ' s *complying superannuation assets; and
(ii) in relation to the period during which those assets were complying superannuation assets; and
(b) assessable income of the company that is not covered by subsection 320-137(2) , reduced by amounts (other than tax losses) that the company can deduct and are not covered by subsection 320-137(4) .
Note:
For the usual way of deducting a tax loss: see section 36-17 . For other ways of deducting a tax loss: see section 36-25 .
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