Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 713.500

What this Subdivision is about

This Subdivision sets out special rules for:

  (a)   a life insurance company that becomes, or ceases to be, a member of a consolidated group; and

  (b)   the head company of a consolidated group where a life insurance company is a subsidiary member of the group.

Table of sections

General modifications for life insurance companies

713 - 505   Head company treated as a life insurance company

713 - 510   Certain subsidiaries of life insurance companies cannot be members of consolidated group

713 - 510A   Disregard single entity rule in working out certain amounts in respect of life insurance company

Life insurance companies' liabilities on joining consolidated group

713 - 511   Treatment of certain liabilities for income year when life insurance company joins consolidated group

Tax cost setting rules for life insurance companies joining consolidated group

713 - 515   Certain assets taken to be retained cost base assets where life insurance company joins group

713 - 520   Valuing certain liabilities where life insurance company joins group

713 - 525   Obligation to value certain assets and liabilities at joining time

Losses of life insurance companies joining consolidated group

713 - 530   Treatment of certain losses of life insurance company

Losses of life insurance companies' subsidiaries joining consolidated group

713 - 535   Losses of entities whose membership interests are complying superannuation assets of life insurance company

713 - 540   Losses of entities whose membership interests are segregated exempt assets of life insurance company

Imputation rules for life insurance companies joining consolidated group

713 - 545   Treatment of franking surplus in franking account of life insurance subsidiary joining group

713 - 550   Treatment of head company's franking account after joining

Liabilities for life insurance companies leaving consolidated group

713 - 565   Treatment of certain liabilities for income year when life insurance company leaves consolidated group

Losses for life insurance companies leaving consolidated group

713 - 570   Certain losses transferred to leaving company

Tax cost setting rules for life insurance companies leaving consolidated group

713 - 575   Terminating value of certain assets where life insurance company leaves group

713 - 580   Valuing certain liabilities where life insurance company leaves group

713 - 585   Obligation to value certain assets and liabilities at leaving time


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