Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 170.300

                   If:

                     (a)  all or part of the life insurance business of a life insurance company (the originating company ) is transferred to another life insurance company (the recipient company ):

                              (i)  in accordance with a scheme confirmed by the Federal Court of Australia under Part 9 of the Life Insurance Act 1995 ; or

                             (ii)  under the Financial Sector (Transfers of Business) Act 1999 ; and

                     (b)  the originating company makes a capital loss from a CGT asset as a result of the transfer; and

                     (c)  that capital loss is disregarded because of Subdivision 126-B of this Act;

Subdivision 170-C of the Income Tax Assessment Act 1997 has effect as if:

                     (d)  that capital loss were a net capital loss transferred by the originating company to the recipient company by an agreement under section 170-150 of that Act; and

                     (e)  the application year referred to in section 170-225 of that Act were the year in which the transfer of life insurance business took place.

Table of Subdivisions

175-CA Tax benefits from unused net capital losses of earlier income years

175-CB Tax benefits from unused capital losses of the current year

175-C    Tax benefits from unused bad debt deductions

Table of sections

175-40      Application of Subdivision 175-CA of the Income Tax Assessment Act 1997