INCOME TAX ASSESSMENT ACT 1997 - SECT 713.530 Treatment of certain losses of life insurance company
INCOME TAX ASSESSMENT ACT 1997 - SECT 713.530
Treatment of certain losses of life insurance company(a) a * life insurance company becomes a * member of a * consolidated group at a time (the joining time ); and
(b) just before the joining time, the life insurance company had either:
(i) a * tax loss of the * complying superannuation class; or
(ii) a * net capital loss from * complying superannuation assets.
(2) This Act operates (except so far as the contrary intention appears) for the purposes of income years ending after the joining time as if:
(a) the * head company of the * consolidated group had made the loss for the income year in which the joining time occurs; and
(b) the * life insurance company had not made the loss for the income year for which it made the loss.
(3) The * head company is not prevented from * utilising the loss for the income year in which the joining time occurs merely because this Act operates as if the head company had made the loss for that year.
(4) Division 707 does not apply in relation to the *
net capital loss or the * tax loss at the joining time.