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 leaving consolidated group

SECTION 713-575   Terminating value of certain assets where life insurance company leaves group  

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713-575(1)    
This section applies if a ^* life insurance company (the leaving entity ) ceases to be a ^* subsidiary member of a ^* consolidated group at a time (the leaving time ).

713-575(2)    

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For the purposes of applying section 711-25 in relation to the leaving entity, the ^* head company ' s terminating value for an asset that it holds at the leaving time because the leaving entity is taken by subsection 701-1(1) to be a part of the head company is the ^* transfer value of the asset at the leaving time, if the asset is:

(a) a ^* complying superannuation asset, or a ^* segregated exempt asset, of the head company; or

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(b) held by the head company for the purpose of discharging its liabilities under the ^* net investment component of ordinary life insurance policies (except policies that provide for ^* participating benefits or ^* discretionary benefits under ^* life insurance business carried on in Australia).

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S 713-575(2) amended by No 70 of 2015, s 3 and Sch 1 item 189, by substituting " superannuation " for " superannuation/FHSA " in para (a), effective 1 July 2015.

S 713-575(2) amended by No 45 of 2008, s 3 and Sch 4 item 60, by substituting " complying superannuation/FHSA " for " virtual PST " in para (a), effective 26 June 2008.

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History

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

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