Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A * life insurance company that has established a * complying superannuation asset pool must cause the following amounts to be calculated within the period of 60 days starting immediately after each * valuation time:
(a) the total * transfer value of the company's * complying superannuation assets as at the valuation time;
(b) the company's * complying superannuation liabilities as at the valuation time.
Note: The time when a life insurance company joins or leaves a consolidated group is also a valuation time: see section 713 - 525.
(2) These are the valuation times :
(a) the end of the income year in which the * complying superannuation asset pool was established;
(b) the end of each later income year.
Note 1: The time when a life insurance company joins or leaves a consolidated group is also a valuation time: see sections 713 - 525 and 713 - 585.
Note 2: A life insurance company that fails to comply with this section is liable to an administrative penalty: see section 288 - 70 in Schedule 1 to the Taxation Administration Act 1953 .