Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 320.240

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

             (1)  If a * life insurance company determines, at a time other than a * valuation time, that:

                     (a)  the total * transfer value of the company's * segregated exempt assets as at that time;

is less than

                     (b)  the company's * exempt life insurance policy liabilities as at that time;

the company can transfer, to the segregated exempt assets, assets of any kind having a total transfer value not exceeding the difference.

             (2)  A * life insurance company can at any time transfer an asset of any kind to its * segregated exempt assets in exchange for an amount of money equal to the * transfer value of the asset at the time of the transfer.

             (3)  A * life insurance company can transfer, to its * segregated exempt assets in an income year, assets of any kind having a total * transfer value not exceeding the total amount of the * life insurance premiums paid to the company in that income year for the purchase of * exempt life insurance policies.

             (4)  Except as provided by this section and subsections 320-195(1) and 320-235(3), a * life insurance company cannot transfer an asset to its * segregated exempt assets.



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