Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 320.195

  (1)   If:

  (a)   a * life insurance policy issued by a * life insurance company becomes an * exempt life insurance policy; and

  (b)   immediately before the policy became an exempt life insurance policy, the policy was a policy referred to in subsection   320 - 190(1);

the company can transfer from a * complying superannuation asset pool, to its * segregated exempt assets, assets of any kind whose total * transfer value does not exceed the company's liabilities in respect of the policy.

  (2)   A * life insurance company can at any time transfer an asset from a * complying superannuation asset pool in exchange for an amount of money equal to the * transfer value of the asset at the time of the transfer.

  (3)   If a * life insurance company:

  (a)   imposes any fees or charges in respect of * complying superannuation assets; or

  (b)   imposes any fees or charges in respect of * complying superannuation life insurance policies other than policies:

  (i)   that provide * superannuation death benefits, * disability superannuation benefits or temporary disability benefits of a kind referred to in paragraph   295 - 460(c), that are * participating benefits; and

  (ii)   the liabilities under which are to be discharged out of the company's * complying superannuation asset pool; or

  (c)   determines, at a time other than a * valuation time, that the total * transfer value of the company's complying superannuation assets as at that time exceeds the sum of:

  (i)   the company's * complying superannuation liabilities at that time; and

  (ii)   any reasonable provision made by the company at that time in its accounts for liability for income tax in respect of those assets;

the company must, when the fees or charges are imposed or the excess is determined, as the case may be, transfer, from the * complying superannuation asset pool, assets having a total transfer value equal to the fees, charges or excess, as the case may be.

  (4)   If:

  (a)   any liabilities arise for the discharge of which a * life insurance company's * complying superannuation asset pool is established; or

  (b)   any expenses are incurred by a life insurance company directly in respect of * complying superannuation assets in relation to a period during which the assets are complying superannuation assets; or

  (c)   any liabilities to pay * PAYG instalments, or income tax, that are attributable to the company's * complying superannuation assets;

the life insurance company must pay, from the complying superannuation asset pool, any amounts required to discharge the liabilities, or amounts equal to the expenses (as appropriate).