(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