Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 320.141

Working out a tax loss of the complying superannuation class

  (1)   A * life insurance company's * tax loss of the complying superannuation class is a tax loss worked out under this Act on the basis of only:

  (a)   assessable income of the company that is covered by subsection   320 - 137(2); and

  (b)   deductions of the company that are covered by subsection   320 - 137(4); and

  (c)   * net exempt income of the company that is attributable to * exempt income * derived:

  (i)   from the company's * complying superannuation assets; and

  (ii)   in relation to the period during which those assets were complying superannuation assets.

Note:   For the usual way of working out a tax loss: see section   36 - 10. For other ways of working out a tax loss: see section   36 - 25.

Deducting a tax loss of the complying superannuation class

  (2)   A * life insurance company's * tax loss of the complying superannuation class can be deducted under this Act only from:

  (a)   * net exempt income of the company that is attributable to * exempt income * derived:

  (i)   from the company's * complying superannuation assets; and

  (ii)   in relation to the period during which those assets were complying superannuation assets; and

  (b)   assessable income of the company that is covered by subsection   320 - 137(2), reduced by deductions of the company that are covered by subsection   320 - 137(4).

Note:   For the usual way of deducting a tax loss: see section   36 - 17. For other ways of deducting a tax loss: see section   36 - 25.