Income Tax Assessment Act 1997
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Hide history noteSECTION 320-35 320-35 Exempt income
These amounts *derived by a *life insurance company are exempt from income tax:
(a) amounts of *ordinary income and *statutory income accrued before 1 July 1988 that were derived from assets that have become *complying superannuation assets;
(b) if the company is an *RSA provider - any amounts that are disregarded because of paragraph 320-137(3)(d) or (e) in working out the companys taxable income of the *complying superannuation class.
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