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INCOME TAX ASSESSMENT ACT 1997 - SECT 713.575

Terminating value of certain assets where life insurance company leaves group

  (1)   This section applies if a * life insurance company (the leaving entity ) ceases to be a * subsidiary member of a * consolidated group at a time (the leaving time ).

  (2)   For the purposes of applying section   711 - 25 in relation to the leaving entity, the * head company's terminating value for an asset that it holds at the leaving time because the leaving entity is taken by subsection   701 - 1(1) to be a part of the head company is the * transfer value of the asset at the leaving time, if the asset is:

  (a)   a * complying superannuation asset, or a * segregated exempt asset, of the head company; or

  (b)   held by the head company for the purpose of discharging its liabilities under the * net investment component of ordinary life insurance policies (except policies that provide for * participating benefits or * discretionary benefits under * life insurance business carried on in Australia).



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