When this Subdivision applies (second case)
713-510 When this Subdivision applies (second case)
This Subdivision also provides for a deferral of the taxation consequences that would occur if:
a life insurance company transfers an asset (also the original asset) to its virtual PST or from its virtual PST where, apart from this Subdivision, section 320‑200 of the Income Tax Assessment Act 1997 would apply to the transfer; or
a life insurance company transfers an asset (also the original asset) to its segregated exempt assets where, apart from this Subdivision, section 320‑255 of the Income Tax Assessment Act 1997 would apply to the transfer;
where the transfer (also the deferral event) is made in connection with the life insurance company (also the member life insurance company) becoming a member of a consolidated group.
The relevant conditions in section 713‑520 must be met.
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