INCOME TAX ASSESSMENT ACT 1997 - SECT 713.575 Terminating value of certain assets where life insurance company leaves group
INCOME TAX ASSESSMENT ACT 1997 - SECT 713.575
Terminating value of certain assets where life insurance company leaves group(1) This section applies if a * life insurance company (the leaving entity ) ceases to be a * subsidiary member of a * consolidated group at a time (the leaving time ).
(2) For the purposes of applying section 711 - 25 in relation to the leaving entity, the * head company's terminating value for an asset that it holds at the leaving time because the leaving entity is taken by subsection 701 - 1(1) to be a part of the head company is the * transfer value of the asset at the leaving time, if the asset is:
(a) a * complying superannuation asset, or a * segregated exempt asset, of the head company; or
(b) held by the head company for the purpose of discharging its
liabilities under the *
net investment component of ordinary life insurance policies (except policies
that provide for * participating benefits or * discretionary benefits under *
life insurance business carried on in Australia).