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 incomeDeduction 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.