INCOME TAX ASSESSMENT ACT 1997 - SECT 320.133 Object of Subdivision

INCOME TAX ASSESSMENT ACT 1997 - SECT 320.133

  (1)   The object of this Subdivision is to ensure that:

  (a)   for the purposes of working out the amount of a * life insurance company's income tax for an income year:

  (i)   the company's taxable income or * tax loss of one * class is worked out separately from its taxable income or tax loss of the other class; and

  (ii)   the company's tax losses of a particular class can be deducted only from its incomes in respect of that class; and

  (b)   for the purposes of this Act, that amount of income tax is treated as the company's income tax on its taxable income for that income year.

  (2)   In subsection   (1), a class means the * complying superannuation class or the * ordinary class.