INCOME TAX ASSESSMENT ACT 1997 - SECT 713.585 Obligation to value certain assets and liabilities at leaving time

INCOME TAX ASSESSMENT ACT 1997 - SECT 713.585

    Division   320 has effect as if the time when a * life insurance company ceases to be a * subsidiary member of a * consolidated group were a * valuation time for the purposes of sections   320 - 175 and 320 - 230.

Note:   This means that there must be a valuation of the complying superannuation assets and complying superannuation liabilities under section   320 - 175 (with the consequences set out in section   320 - 180), and a valuation of the segregated exempt assets and exempt life insurance policy liabilities under section   320 - 230 (with the consequences set out in section   320 - 235), as at that time.