Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies if a * life insurance company is a * member of a * consolidated group.
(2) However, if the * life insurance company is a * subsidiary member of the group, this section does not apply:
(a) for the purposes of working out the * tax cost setting amount of an asset of the life insurance company when it becomes a subsidiary member of the group; and
(b) for the purposes of working out the tax cost setting amount of a * membership interest in the life insurance company if it ceases to be a subsidiary member of the group.
(3) Disregard section 701 - 1 (the single entity rule) in working out any of the following for the purposes of Division 320 in relation to the * life insurance company:
(a) amounts of the * head company's ordinary income and statutory income derived from * segregated exempt assets that are not assessable income and are not * exempt income under paragraph 320 - 37(1)(a);
(b) the head company's taxable income of the * complying superannuation class (see section 320 - 137);
(c) the head company's * tax loss of the complying superannuation class (see section 320 - 141);
(d) the total * transfer value of the head company's * complying superannuation assets (see paragraph 320 - 175(1)(a));
(e) the amount of the head company's * complying superannuation liabilities (see paragraph 320 - 175(1)(b));
(f) the total transfer value of the head company's segregated exempt assets (see paragraph 320 - 230(1)(a));
(g) the amount of the head company's * exempt life insurance policy liabilities (see paragraph 320 - 230(1)(b)).