Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 320.345

  (1)   This section has effect if:

  (a)   the originating company and the recipient company were members of the same * wholly - owned group just before the transfer took place; and

  (b)   a * life insurance policy (also the original policy ):

  (i)   is constituted by a contract made with the originating company before 1   July 2000; and

  (ii)   is transferred to the recipient company before 1   July 2005.

  (2)   For the purposes of section   320 - 40, a * life insurance policy issued by the recipient company in substitution for the original policy is taken to have been constituted by a contract made with the recipient company before 1   July 2000 if the terms of the substituted policy are not materially different from those of the original policy.

  (3)   Subsection   320 - 40(4) applies to so much of the sum of the amounts applicable in respect of the substituted policy under subsections   320 - 40(5), (6) and (7) as does not exceed any fees or charges made by the recipient company that the originating company would have been entitled to make under the terms of the original policy as applying just before 1   July 2000.

Table of Subdivisions

321 - A   Provision for, and payment of, claims by general insurance companies

321 - B   Premium income of general insurance companies

321 - C   Companies that self - insure in respect of workers' compensation liabilities

Table of sections

321 - 10   Assessable income to include amount for reduction in adjusted liability for incurred claims

321 - 15   Deduction for increase in adjusted liability for incurred claims

321 - 20   How the value of adjusted liability for incurred claims is worked out

321 - 25   Deduction for claims paid during current year