Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 320.220

This Subdivision explains how a life insurance company can segregate assets to be used for the sole purpose of discharging its liabilities under life insurance policies where the income derived by the company from those policies is exempt from income tax.

Table of sections

Operative provisions

320 - 225   Segregation of assets for purpose of discharging exempt life insurance policy liabilities

320 - 230   Valuations of segregated exempt assets and exempt life insurance policy liabilities for each valuation time

320 - 235   Consequences of a valuation under section   320 - 230

320 - 240   Transfer of assets to segregated exempt assets otherwise than as a result of a valuation under section   320 - 230

320 - 245   Exempt life insurance policy liabilities

320 - 246   Exempt life insurance policy

320 - 247   Policy split into an exempt life insurance policy and another life insurance policy

320 - 250   Transfer of assets and payment of amounts from segregated exempt assets otherwise than as a result of a valuation under section   320 - 230

320 - 255   Consequences of transfer of assets to or from segregated exempt assets