INCOME TAX ASSESSMENT ACT 1997 - SECT 713.510A Disregard single entity rule in working out certain amounts in respect of life insurance company

INCOME TAX ASSESSMENT ACT 1997 - SECT 713.510A

  (1)   This section applies if a * life insurance company is a * member of a * consolidated group.

  (2)   However, if the * life insurance company is a * subsidiary member of the group, this section does not apply:

  (a)   for the purposes of working out the * tax cost setting amount of an asset of the life insurance company when it becomes a subsidiary member of the group; and

  (b)   for the purposes of working out the tax cost setting amount of a * membership interest in the life insurance company if it ceases to be a subsidiary member of the group.

  (3)   Disregard section   701 - 1 (the single entity rule) in working out any of the following for the purposes of Division   320 in relation to the * life insurance company:

  (a)   amounts of the * head company's ordinary income and statutory income derived from * segregated exempt assets that are not assessable income and are not * exempt income under paragraph   320 - 37(1)(a);

  (b)   the head company's taxable income of the * complying superannuation class (see section   320 - 137);

  (c)   the head company's * tax loss of the complying superannuation class (see section   320 - 141);

  (d)   the total * transfer value of the head company's * complying superannuation assets (see paragraph   320 - 175(1)(a));

  (e)   the amount of the head company's * complying superannuation liabilities (see paragraph   320 - 175(1)(b));

  (f)   the total transfer value of the head company's segregated exempt assets (see paragraph   320 - 230(1)(a));

  (g)   the amount of the head company's * exempt life insurance policy liabilities (see paragraph   320 - 230(1)(b)).