Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 713.520

  (1)   For a section   713 - 505 case:

  (a)   the originating entity must be:

  (i)   a life insurance company that has virtual PST assets or segregated exempt assets and that is a member of a consolidatable group; or

  (ii)   an entity that is unable to be a member of the same consolidatable group as a life insurance company because of section   713 - 510 of the Income Tax Assessment Act 1997 ; or

  (iii)   an entity that is, directly or indirectly, a subsidiary of a life insurance company and is a member of the same consolidated group as the life insurance company; and

  (b)   the originating entity and the recipient entity must be members of the same consolidatable group or consolidated group or, if they are not, they would have been apart from section   713 - 510 of the Income Tax Assessment Act 1997 ; and

  (c)   any asset transferred by the originating entity must be transferred to the recipient entity at its transfer value.

  (2)   For both a section   713 - 505 case and a section   713 - 510 case:

  (a)   the total transfer values of the virtual PST assets of the member life insurance company just before a transfer of assets to which this Subdivision applies must be the same as the total transfer values of those assets just after the transfer; and

  (b)   the total transfer values of the segregated exempt assets of the member life insurance company just before a transfer of assets to which this Subdivision applies must be the same as the total transfer values of those assets just after the transfer.

  (3)   Any transfer of an asset under the deferral event must happen on or before the later of:

  (a)   30   June 2004; and

  (b)   if the head company of the consolidated group of which the member life insurance company is a member has a substituted accounting period--the end of the head company's income year in which 30   June 2004 occurs.