Life Company - Tax Consolidation Issues presentation

Published on 27 Feb 03 by NATIONAL EVENTS, TAXATION INSTITUTE OF AUSTRALIA

A worked example of a group of companies entering the consolidation regime, where the group includes a life company. Issues include:
- The treatment of deferred acquisition costs
- How the cost setting rules apply to:- assets held within the VPST and SEA; assets held within the ordinary business and how the rules differ in respect of participating business
- Contrasting the meaning of 'retained cost base assets' for life companies with non life companies
- How the definitions of 'retained cost base assets' and 'reset cost base assets' reconcile to Division 320 valuation methodologies

Author profile

Michael Brown

Michael is Head of Tax at MLC, National Australia Bank's Wealth Management Division. Prior to joining MLC in 2002 he spent eight years at BT Financial Group where he was Chief Tax Counsel. He is Chairman of the Investment and Financial Services Association's Tax Working Group, Chairman of its Product Rationalisation Group and a member of their Economic, Savings and Tax Committee. Michael has been a key participant in the recent discussions with APRA, ASIC and the Treasury concerning product rationalisation. - Current at 19 March 2004

More by Michael BROWN

• Product Rationalisation seminar paper - 19-March-2004
• Offshore Portfolio Investment seminar paper - 22-July-2003
• Life Company - Tax Consolidation Issues seminar paper - 27-February-2003
• International issues in funds management - 13-February-2002

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