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

54   Subsection 320-240(1)

Repeal the subsection, substitute:

(1) If a *life insurance company determines, at a time other than a *valuation time, that:

(a) the total *transfer value of the company's *segregated exempt assets as at that time;

is less than

(b) the company's *exempt life insurance policy liabilities as at that time;

the company can transfer, to the segregated exempt assets, assets of any kind having a total transfer value not exceeding the difference.