Tax Laws Amendment (2004 Measures No. 2) Act 2004 (83 of 2004)
Schedule 1 Life insurance companies
Part 1 Amendments commencing on 30 June 2000
Income Tax Assessment Act 1997
36 Subsection 320-170(3)
Repeal the subsection, substitute:
(3) The assets segregated must have, as at the time of the segregation, a total *transfer value that does not exceed the sum of:
(a) the company's *virtual PST liabilities as at that time; and
(b) any reasonable provision made by the company at that time in its accounts for liability for income tax in respect of the assets segregated.
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