Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 320.190

  (1)   The amount of the * complying superannuation liabilities of a * life insurance company is to be worked out in accordance with subsection   (2) in respect only of * life insurance policies issued by the company:

  (a)   that are * complying superannuation life insurance policies; and

  (b)   the liabilities under which are to be discharged out of the company's * complying superannuation assets.

  (2)   The amount of the complying superannuation liabilities of a * life insurance company at a particular time is the sum of the following amounts at that time, as calculated by an * actuary:

  (a)   for policies providing for * participating benefits or * discretionary benefits:

  (i)   the values of supporting assets, as defined in the * Valuation Standard; and

  (ii)   the * policy owners' retained profits;

  (b)   for other policies--the * current termination values.