Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 320.35

    These amounts * derived by a * life insurance company are exempt from income tax:

  (a)   amounts of * ordinary income and * statutory income accrued before 1   July 1988 that were derived from assets that have become * complying superannuation assets;

  (b)   if the company is an * RSA provider--any amounts that are disregarded because of paragraph   320 - 137(3)(d) or (e) in working out the company's taxable income of the * complying superannuation class.