Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A * life insurance company may, on or after 1 July 2000, segregate in accordance with subsections (2) and (3) any of its assets for the sole purpose of discharging its * complying superannuation liabilities out of those assets.
(1A) Except as provided by section 320 - 170 of the Income Tax (Transitional Provisions) Act 1997 , an asset is taken not to be included in the * complying superannuation assets unless the whole of the asset is included among those assets.
(2) The assets segregated must, at the time of the segregation, be a representative sample of all the company's assets that support its * complying superannuation liabilities immediately before the segregation.
(3) The assets segregated must have, as at the time of the segregation, a total * transfer value that does not exceed the sum of:
(a) the company's * complying superannuation liabilities as at that time; and
(b) any reasonable provision made by the company at that time in its accounts for liability for income tax in respect of the assets segregated.
(4) A * life insurance company that segregates assets as mentioned in subsections (1) to (3) at a time after 1 July 2000 but before 1 October 2000 is taken to have segregated those assets in accordance with those subsections on 1 July 2000.
(5) If a segregation of assets is made in accordance with the above subsections, the company must use the segregated assets, and any other assets afterwards included among the segregated assets, only for the purpose of discharging its * complying superannuation liabilities.
(6) The assets from time to time segregated are together to be known as the complying superannuation asset pool and each asset from time to time included among those assets is to be known as a complying superannuation asset .
(a) a reference to the transfer of an asset to, or from, the * complying superannuation asset pool:
(i) is a reference to the inclusion of the asset among the segregated assets, or the exclusion of an asset from the segregated assets, as the case may be; and
(ii) includes a reference to the transfer of money to, or from, the complying superannuation asset pool, as the case may be; and
(b) if an asset transferred to or from the complying
superannuation asset pool is money, a reference to the * transfer value of the
asset transferred is a reference to the amount of the money.