Income Tax Assessment Act 1997
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Hide history noteSECTION 320-240 Transfer of assets to segregated exempt assets otherwise than as a result of a valuation under section 320-230 320-240(1)
If a *life insurance company determines, at a time other than a *valuation time, that:
(a) the total *transfer value of the company's *segregated exempt assets as at that time;
is less than
(b) the company's *exempt life insurance policy liabilities as at that time;
the company can transfer, to the segregated exempt assets, assets of any kind having a total transfer value not exceeding the difference.
320-240(2)
A *life insurance company can at any time transfer an asset of any kind to its *segregated exempt assets in exchange for an amount of money equal to the *transfer value of the asset at the time of the transfer.
320-240(3)
A *life insurance company can transfer, to its *segregated exempt assets in an income year, assets of any kind having a total *transfer value not exceeding the total amount of the *life insurance premiums paid to the company in that income year for the purchase of *exempt life insurance policies.
320-240(4)
Except as provided by this section and subsections 320-195(1) and 320-235(3) , a *life insurance company cannot transfer an asset to its *segregated exempt assets.
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