Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-35 - INSURANCE BUSINESS  

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History

Part 3-35 heading amended by No 169 of 2001.

Part 3-35 inserted by No 89 of 2000.

Division 320 - Life insurance companies  

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History

Div 320 inserted by No 89 of 2000.

Subdivision 320-B - What is included in a life insurance company ' s assessable income  

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Operative provisions

SECTION 320-45   Tax treatment of gains or losses from CGT events in relation to complying superannuation assets  

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320-45(1)    

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If a *CGT event happens in respect of a *CGT asset that is a *complying superannuation asset of a *life insurance company, section 295-85 and 295-90 applies for the purpose of working out the amount of any *capital gain or *capital loss that arises from the event.

Note:

See Subdivision 295-B of the Income Tax (Transitional Provisions) Act 1997 for rules about cost base for assets owned by superannuation entities at the end of 30 June 1988.

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History

S 320-45(1) amended by No 70 of 2015, s 3 and Sch 1 item 189, by substituting " superannuation " for " superannuation/FHSA " , effective 1 July 2015.

S 320-45 amended by No 45 of 2008, s 3 and Sch 4 item 18, by substituting " complying superannuation/FHSA " for " virtual PST " , effective 26 June 2008.

S 320-45 amended by No 15 of 2007, s 3 and Sch 1 items 230 and 231, by substituting " section 295-85 and 295-90 " for " Division 10 of Part IX of the Income Tax Assessment Act 1936 " and inserting the note at the end, applicable to the 2007-2008 income year and later years.

320-45(2)    

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Subsection (1) has effect despite anything in Division 230 .

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S 320-45(2) inserted by No 15 of 2009 , s 3 and Sch 1 items 81 and 82, effective 26 March 2009. For application and transitional provisions see note under Div 230 heading.

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History

S 320-45 inserted by No 89 of 2000.

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