Income Tax Assessment Act 1997
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Hide history noteSECTION 320-149 Provisions that apply only in relation to the ordinary class 320-149(1)
The provisions covered by subsection (2) : (a) have effect as provided by section 320-135 in relation to a *life insurance company ' s taxable income, or *tax loss, of the *ordinary class; but (b) have no effect in relation to the company ' s taxable income, or tax loss, of the *complying superannuation class.
320-149(2)
This subsection covers these provisions: (a) section 36-55 ; (aa) Division 160 (Corporate loss carry back tax offset for 2020-21, 2021-22 or 2022-23 for businesses with turnover under $5 billion); (b) Division 165 (except Subdivision 165-CD ).
Example 1:
A life insurance company that has an amount of excess franking offsets will need to recalculate its tax loss of the ordinary class under section 36-55 . But its tax loss of the complying superannuation class is unaffected by that section.
Example 2:
A life insurance company that fails to meet the relevant tests of Division 165 will need to recalculate the ordinary class of its taxable income and tax loss under Subdivision 165-B . But the complying superannuation class of its taxable income and tax loss are unaffected by that Subdivision.
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