Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 713.535

  (1)   This section applies if:

  (a)   a * life insurance company becomes a * member of a * consolidated group at a time (the joining time ); and

  (b)   at the joining time, the life insurance company owns, either directly or indirectly through one or more interposed entities, all the * membership interests in yet another entity (the life insurance subsidiary ) that becomes a * subsidiary member of the group at that time; and

  (c)   all the following membership interests are * complying superannuation assets of the life insurance company:

  (i)   the membership interests (if any) that the life insurance company owns directly in the life insurance subsidiary;

  (ii)   the membership interests (if any) that the life insurance company owns directly in the interposed entities; and

  (d)   the * head company of the group makes a * tax loss or * net capital loss under Subdivision   707 - A because of a transfer from the life insurance subsidiary.

  (2)   This Act operates for the purposes of income years ending after the transfer as if:

  (a)   the * tax loss were of the * complying superannuation class; or

  (b)   the * net capital loss were from * complying superannuation assets.

  (3)   Subdivisions   707 - B, 707 - C and 707 - D do not affect the * utilisation of the loss by the * head company of the * consolidated group.