Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 320-310 Special deductions and amounts of assessable income
Deduction for originating company
320-310(1)
If the originating company pays an amount to the recipient company in respect of liabilities under the *net risk components of *life insurance policies transferred to the recipient company, the originating company can deduct that amount for the income year in which the transfer took place.
Amount included in originating company ' s assessable income
320-310(2)
If the originating company receives an amount from the recipient company in respect of liabilities under the *net risk components of *life insurance policies transferred to the recipient company, that amount is included in the assessable income of the originating company for the income year in which the transfer took place.
Deduction for recipient company
320-310(3)
If the recipient company pays an amount to the originating company in respect of liabilities under the *net risk components of *life insurance policies transferred to the recipient company, the recipient company can deduct that amount for the income year in which the transfer took place.
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