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INCOME TAX ASSESSMENT ACT 1997 - SECT 320.175

Valuations of complying superannuation assets and complying superannuation liabilities for each valuation time

             (1)  A * life insurance company that has established a * complying superannuation asset pool must cause the following amounts to be calculated within the period of 60 days starting immediately after each * valuation time:

                     (a)  the total * transfer value of the company's * complying superannuation assets as at the valuation time;

                     (b)  the company's * complying superannuation liabilities as at the valuation time.

Note:          The time when a life insurance company joins or leaves a consolidated group is also a valuation time: see section 713- 525.

             (2)  These are the valuation times :

                     (a)  the end of the income year in which the * complying superannuation asset pool was established;

                     (b)  the end of each later income year.

Note 1:       The time when a life insurance company joins or leaves a consolidated group is also a valuation time: see sections 713- 525 and 713- 585.

Note 2:       A life insurance company that fails to comply with this section is liable to an administrative penalty: see section 288-70 in Schedule 1 to the Taxation Administration Act 1953 .



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