Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 320.143

Working out a tax loss of the ordinary class

  (1)   A * life insurance company's * tax loss of the ordinary class is a tax loss worked out under this Act on the basis of only:

  (a)   assessable income of the company that is not covered by subsection   320 - 137(2); and

  (b)   amounts (other than tax losses) that the company can deduct and are not covered by subsection   320 - 137(4); and

  (c)   * net exempt income of the company that is not attributable to * exempt income * derived:

  (i)   from the company's * complying superannuation assets; and

  (ii)   in relation to the period during which those assets were complying superannuation assets.

Note:   For the usual way of working out a tax loss: see section   36 - 10. For other ways of working out a tax loss: see section   36 - 25.

Deducting a tax loss of the ordinary class

  (2)   A * life insurance company's * tax loss of the ordinary class can be deducted under this Act only from:

  (a)   * net exempt income of the company that is not attributable to * exempt income * derived:

  (i)   from the company's * complying superannuation assets; and

  (ii)   in relation to the period during which those assets were complying superannuation assets; and

  (b)   assessable income of the company that is not covered by subsection   320 - 137(2), reduced by amounts (other than tax losses) that the company can deduct and are not covered by subsection   320 - 137(4).

Note:   For the usual way of deducting a tax loss: see section   36 - 17. For other ways of deducting a tax loss: see section   36 - 25.