Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 320.190

Complying superannuation liabilities

             (1)  The amount of the * complying superannuation liabilities of a * life insurance company is to be worked out in accordance with subsection (2) in respect only of * life insurance policies issued by the company:

                     (a)  that are * complying superannuation life insurance policies; and

                     (b)  the liabilities under which are to be discharged out of the company's * complying superannuation assets.

             (2)  The amount of the complying superannuation liabilities of a * life insurance company at a particular time is the sum of the following amounts at that time, as calculated by an * actuary:

                     (a)  for policies providing for * participating benefits or * discretionary benefits:

                              (i)  the values of supporting assets, as defined in the * Valuation Standard; and

                             (ii)  the * policy owners' retained profits;

                     (b)  for other policies--the * current termination values.



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