Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subject to the other provisions in this Subdivision:
(a) this Act has effect for a * life insurance company in relation to working out a taxable income of a particular * class in the same way as it has effect in relation to working out a taxable income of any other company; and
(b) this Act has effect for a life insurance company in relation to working out or deducting a * tax loss of a particular class in the same way as it has effect in relation to working out or deducting a tax loss of any other company.
(2) Sections 320 - 137 to 320 - 143 have effect in addition to other provisions in this Act that relate to working out a taxable income or * tax loss, or deducting a tax loss (as appropriate).
(3) Nothing in this Subdivision prevents a * life insurance company from:
(a) having taxable incomes, or * tax losses, of both * classes for the same income year; or
(b) having a taxable income of one class and a tax loss of the other class for the same income year.
Note: In certain circumstances, a life insurance company can have a taxable income and a tax loss of the same class in an income year (see Subdivision 165 - B as it has effect under this Subdivision).