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INCOME TAX ASSESSMENT ACT 1997 - SECT 713.525

Obligation to value certain assets and liabilities at joining time

                   Division 320 has effect as if the time when a * life insurance company becomes a * subsidiary member of a * consolidated group were a * valuation time for the purposes of sections 320- 175 and 320- 230.

Note:          This means that there must be a valuation of the complying superannuation assets and complying superannuation liabilities under section 320- 175 (with the consequences set out in section 320-180), and a valuation of the segregated exempt assets and exempt life insurance policy liabilities under section 320- 230 (with the consequences set out in section 320- 235), as at that time.

Losses of life insurance companies joining consolidated group



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