Commonwealth Consolidated Acts

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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 713.510

When this Subdivision applies (second case)

             (1)  This Subdivision also provides for a deferral of the taxation consequences that would occur if:

                     (a)  a life insurance company transfers an asset (also the original asset ) to its virtual PST or from its virtual PST where, apart from this Subdivision, section 320-200 of the Income Tax Assessment Act 1997 would apply to the transfer; or

                     (b)  a life insurance company transfers an asset (also the original asset ) to its segregated exempt assets where, apart from this Subdivision, section 320-255 of the Income Tax Assessment Act 1997 would apply to the transfer;

where the transfer (also the deferral event ) is made in connection with the life insurance company (also the member life insurance company ) becoming a member of a consolidated group.

             (2)  The relevant conditions in section 713-520 must be met.



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