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INCOME TAX ASSESSMENT ACT 1997 - SECT 320.310 Special deductions and amounts of assessable income

INCOME TAX ASSESSMENT ACT 1997 - SECT 320.310

Special deductions and amounts of assessable income

Deduction for originating company

  (1)   If the originating company pays an amount to the recipient company in respect of liabilities under the * net risk components of * life insurance policies transferred to the recipient company, the originating company can deduct that amount for the income year in which the transfer took place.

Amount included in originating company's assessable income

  (2)   If the originating company receives an amount from the recipient company in respect of liabilities under the * net risk components of * life insurance policies transferred to the recipient company, that amount is included in the assessable income of the originating company for the income year in which the transfer took place.

Deduction for recipient company

  (3)   If the recipient company pays an amount to the originating company in respect of liabilities under the * net risk components of * life insurance policies transferred to the recipient company, the recipient company can deduct that amount for the income year in which the transfer took place.

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