Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 320.50

This Subdivision specifies particular deductions that are available to a life insurance company, specifies particular amounts that a life insurance company cannot deduct and contains provisions relating to a life insurance company's capital losses.

Table of sections

Operative provisions

320 - 55   Deduction for life insurance premiums where liabilities under life insurance policies are to be discharged from complying superannuation assets

320 - 60   Deduction for life insurance premiums where liabilities under life insurance policies are to be discharged from segregated exempt assets

320 - 65   Deduction for life insurance premiums in respect of life insurance policies that provide for participating or discretionary benefits

320 - 70   No deduction for life insurance premiums in respect of certain life insurance policies payable only on death or disability

320 - 75   Deduction for ordinary investment policies

320 - 80   Deduction for certain claims paid under life insurance policies

320 - 85   Deduction for increase in value of liabilities under net risk components of life insurance policies

320 - 87   Deduction for assets transferred from or to complying superannuation asset pool

320 - 100   Deduction for life insurance premiums paid under certain contracts of reinsurance

320 - 105   Deduction for assets transferred to segregated exempt assets

320 - 110   Deduction for interest credited to income bonds

320 - 111   Deduction for funeral policy payout

320 - 112   Deduction for scholarship plan payout

320 - 115   No deduction for amounts credited to RSAs

320 - 120   Capital losses from assets other than complying superannuation assets or segregated exempt assets

320 - 125   Capital losses from complying superannuation assets