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INCOME TAX ASSESSMENT ACT 1997 - SECT 320.149

Provisions that apply only in relation to the ordinary class

             (1)  The provisions covered by subsection (2):

                     (a)  have effect as provided by section 320-135 in relation to a * life insurance company's taxable income, or * tax loss, of the * ordinary class; but

                     (b)  have no effect in relation to the company's taxable income, or tax loss, of the * complying superannuation class.

             (2)  This subsection covers these provisions:

                     (a)  section 36- 55;

                     (b)  Division 165 (except Subdivision 165-CD).

Example 1: A life insurance company that has an amount of excess franking offsets will need to recalculate its tax loss of the ordinary class under section 36- 55. But its tax loss of the complying superannuation class is unaffected by that section.

Example 2: A life insurance company that fails to meet the relevant tests of Division 165 will need to recalculate the ordinary class of its taxable income and tax loss under Subdivision 165-B. But the complying superannuation class of its taxable income and tax loss are unaffected by that Subdivision.

Guide to Subdivision 320-E



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