INCOME TAX ASSESSMENT ACT 1997 - SECT 320.15 Assessable income--various amounts

INCOME TAX ASSESSMENT ACT 1997 - SECT 320.15

  (1)   A * life insurance company's assessable income includes:

  (a)   the total amount of the * life insurance premiums paid to the company in the income year; and

  (b)   amounts received or recovered under * contracts of reinsurance (except amounts that relate to a risk, or part of a risk, in relation to which subsection   148(1) of the Income Tax Assessment Act 1936 applies) to the extent to which they relate to the * risk components of claims paid under * life insurance policies; and

  (c)   any amount received or recovered that is a refund, or in the nature of a refund, of the life insurance premium paid under a contract of reinsurance (except any amount that relates to a risk, or part of a risk, in relation to which subsection   148(1) of the Income Tax Assessment Act 1936 applies); and

  (ca)   any reinsurance commission received or recovered by the company in respect of a contract of reinsurance (except any commission that relates to a risk, or part of a risk, in relation to which subsection   148(1) of the Income Tax Assessment Act 1936 applies); and

  (d)   any amount received under a profit - sharing arrangement contained in, or entered into in relation to, a contract of reinsurance; and

  (da)   the * transfer values of assets transferred by the company from a * complying superannuation asset pool under subsection   320 - 180(1) or 320 - 195(3); and

  (db)   the transfer values of assets transferred by the company to a complying superannuation asset pool under subsection   320 - 180(3) or 320 - 185(1); and

  (e)   if an asset (other than money) is transferred from or to a complying superannuation asset pool under subsection   320 - 180(1) or (3), to a complying superannuation asset pool under section   320 - 185 or from a complying superannuation asset pool under subsection   320 - 195(2) or (3)--the amount (if any) that is included in the company's assessable income of the income year in which the asset was transferred because of section   320 - 200; and

  (f)   the transfer values of assets transferred by the company from the company's * segregated exempt assets under subsection   320 - 235(1) or 320 - 250(2); and

  (g)   if an asset (other than money) is transferred to the company's segregated exempt assets under subsection   320 - 235(3) or section   320 - 240--the amount (if any) that is included in the company's assessable income because of section   320 - 255; and

  (h)   subject to subsection   (2), if the * value, at the end of the income year, of the company's liabilities under the * net risk components of life insurance policies is less than the value, at the end of the previous income year, of those liabilities--an amount equal to the difference; and

Note:   Where the value at the end of the income year exceeds the value at the end of the previous income year, the excess can be deducted: see section   320 - 85.

  (i)   amounts specified in agreements under section   295 - 260; and

  (j)   * specified roll - over amounts paid to the company; and

  (ja)   amounts imposed by the company in respect of risk riders for * ordinary investment policies in an income year in which the company did not receive any life insurance premiums for those policies; and

  (k)   fees and charges (not otherwise included in, or taken into account in working out, the company's assessable income) imposed by the company in respect of life insurance policies; and

  (l)   if the company is an * RSA provider--contributions made to * RSAs provided by the company that would be included in the company's assessable income under Subdivision   295 - C if that Subdivision applied to the company.

  (2)   Paragraph   (1)(h) does not cover any liabilities under:

  (a)   a * life insurance policy that provides for * participating benefits or * discretionary benefits; or

  (b)   an * exempt life insurance policy; or

  (c)   a * funeral policy.

  (3)   An amount included in assessable income under paragraph   (1)(i) is included for the income year of the * life insurance company that includes the last day of the transferor's income year to which the agreement referred to in section   295 - 260 relates.