Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 320.135

Taxable income and tax loss of each of the 2 classes

             (1)  Subject to the other provisions in this Subdivision:

                     (a)  this Act has effect for a * life insurance company in relation to working out a taxable income of a particular * class in the same way as it has effect in relation to working out a taxable income of any other company; and

                     (b)  this Act has effect for a life insurance company in relation to working out or deducting a * tax loss of a particular class in the same way as it has effect in relation to working out or deducting a tax loss of any other company.

             (2)  Sections 320-137 to 320-143 have effect in addition to other provisions in this Act that relate to working out a taxable income or * tax loss, or deducting a tax loss (as appropriate).

             (3)  Nothing in this Subdivision prevents a * life insurance company from:

                     (a)  having taxable incomes, or * tax losses, of both * classes for the same income year; or

                     (b)  having a taxable income of one class and a tax loss of the other class for the same income year.

Note:          In certain circumstances, a life insurance company can have a taxable income and a tax loss of the same class in an income year (see Subdivision 165-B as it has effect under this Subdivision).

Taxable income and tax loss of life insurance companies



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