Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 320.149

  (1)   The provisions covered by subsection   (2):

  (a)   have effect as provided by section   320 - 135 in relation to a * life insurance company's taxable income, or * tax loss, of the * ordinary class; but

  (b)   have no effect in relation to the company's taxable income, or tax loss, of the * complying superannuation class.

  (2)   This subsection covers these provisions:

  (a)   section   36 - 55;

  (aa)   Division   160 (Corporate loss carry back tax offset for 2020 - 21, 2021 - 22 or 2022 - 23 for businesses with turnover under $5 billion);

  (b)   Division   165 (except Subdivision   165 - CD).

Example 1:   A life insurance company that has an amount of excess franking offsets will need to recalculate its tax loss of the ordinary class under section   36 - 55. But its tax loss of the complying superannuation class is unaffected by that section.

Example 2:   A life insurance company that fails to meet the relevant tests of Division   165 will need to recalculate the ordinary class of its taxable income and tax loss under Subdivision   165 - B. But the complying superannuation class of its taxable income and tax loss are unaffected by that Subdivision.