Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

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History

Part 3-90 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Division 713 - Rules for particular kinds of entities  

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History

Div 713 inserted by No 117 of 2002, s 3 and Sch 5 item 6, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Subdivision 713-L - Life insurance companies  

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History

Subdiv 713-L inserted by No 16 of 2003, s 3 and Sch 6 item 1, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Tax cost setting rules for life insurance companies joining consolidated group

SECTION 713-525  

713-525   Obligation to value certain assets and liabilities at joining time  

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Division 320 has effect as if the time when a ^* life insurance company becomes a ^* subsidiary member of a ^* consolidated group were a ^* valuation time for the purposes of sections 320-175 and 320-230 .

Note:

This means that there must be a valuation of the complying superannuation assets and complying superannuation liabilities under section 320-175 (with the consequences set out in section 320-180 ), and a valuation of the segregated exempt assets and exempt life insurance policy liabilities under section 320-230 (with the consequences set out in section 320-235 ), as at that time.

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History

S 713-525 amended by No 70 of 2015, s 3 and Sch 1 item 189, by substituting " superannuation " for " superannuation/FHSA " in the note (wherever occuring), effective 1 July 2015.

S 713-525 (note) amended by No 45 of 2008, s 3 and Sch 4 item 55, by substituting " complying superannuation/FHSA " for " virtual PST " in the note (wherever occurring), effective 26 June 2008.

S 713-525 to s 713-585 substituted for s 713-525 and s 713-530 by No 41 of 2005.

S 713-525 substituted by No 83 of 2004.

S 713-525 inserted by No 16 of 2003, s 3 and Sch 6 item 1, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

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