Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A * life insurance company's assessable income includes:
(a) the total amount of the * life insurance premiums paid to the company in the income year; and
(b) amounts received or recovered under * contracts of reinsurance (except amounts that relate to a risk, or part of a risk, in relation to which subsection 148(1) of the Income Tax Assessment Act 1936 applies) to the extent to which they relate to the * risk components of claims paid under * life insurance policies; and
(c) any amount received or recovered that is a refund, or in the nature of a refund, of the life insurance premium paid under a contract of reinsurance (except any amount that relates to a risk, or part of a risk, in relation to which subsection 148(1) of the Income Tax Assessment Act 1936 applies); and
(ca) any reinsurance commission received or recovered by the company in respect of a contract of reinsurance (except any commission that relates to a risk, or part of a risk, in relation to which subsection 148(1) of the Income Tax Assessment Act 1936 applies); and
(d) any amount received under a profit-sharing arrangement contained in, or entered into in relation to, a contract of reinsurance; and
(da) the * transfer values of assets transferred by the company from a * complying superannuation/FHSA asset pool under subsection 320-180(1) or 320-195(3); and
(db) the transfer values of assets transferred by the company to a complying superannuation/FHSA asset pool under subsection 320-180(3) or 320-185(1); and
(e) if an asset (other than money) is transferred from or to a complying superannuation/FHSA asset pool under subsection 320-180(1) or (3), to a complying superannuation/FHSA asset pool under section 320-185 or from a complying superannuation/FHSA asset pool under subsection 320-195(2) or (3)--the amount (if any) that is included in the company's assessable income of the income year in which the asset was transferred because of section 320-200; and
(f) the transfer values of assets transferred by the company from the company's * segregated exempt assets under subsection 320- 235(1) or 320-250(2); and
(g) if an asset (other than money) is transferred to the company's segregated exempt assets under subsection 320- 235(3) or section 320- 240--the amount (if any) that is included in the company's assessable income because of section 320- 255; and
(h) subject to subsection (2), if the * value, at the end of the income year, of the company's liabilities under the * net risk components of life insurance policies is less than the value, at the end of the previous income year, of those liabilities--an amount equal to the difference; and
Note: Where the value at the end of the income year exceeds the value at the end of the previous income year, the excess can be deducted: see section 320- 85.
(i) amounts specified in agreements under section 295-260; and
(j) * specified roll-over amounts paid to the company; and
(ja) amounts imposed by the company in respect of risk riders for * ordinary investment policies in an income year in which the company did not receive any life insurance premiums for those policies; and
(k) fees and charges (not otherwise included in, or taken into account in working out, the company's assessable income) imposed by the company in respect of life insurance policies; and
(l) if the company is an * RSA provider--contributions made to * RSAs provided by the company that would be included in the company's assessable income under Subdivision 295-C if that Subdivision applied to the company.
(2) Paragraph (1)(h) does not cover any liabilities under:
(a) a * life insurance policy that provides for * participating benefits or * discretionary benefits; or
(b) an * exempt life insurance policy; or
(c) a * funeral policy.
(3) An amount included in assessable income under paragraph (1)(i) is included for the income year of the * life insurance company that includes the last day of the transferor's income year to which the agreement referred to in section 295-260 relates.