INCOME TAX ASSESSMENT ACT 1997 - SECT 320.230 Valuations of segregated exempt assets and exempt life insurance policy liabilities for each valuation time

INCOME TAX ASSESSMENT ACT 1997 - SECT 320.230

  (1)   A * life insurance company that has segregated any of its assets in accordance with section   320 - 225 must cause the following amounts to be calculated within the period of 60 days starting immediately after each * valuation time:

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

  (b)   the amount of the company's * exempt life insurance policy liabilities as at the valuation time.

Note:   The time when a life insurance company joins or leaves a consolidated group is also a valuation time: see section   713 - 525.

  (2)   These are the valuation times :

  (a)   the end of the income year in which the segregation occurred;

  (b)   the end of each later income year.

Note 1:   The time when a life insurance company joins or leaves a consolidated group is also a valuation time: see sections   713 - 525 and 713 - 585.

Note 2:   A life insurance company that fails to comply with this section is liable to an administrative penalty: see section   288 - 70 in Schedule   1 to the Taxation Administration Act 1953 .