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Are amounts of ordinary and statutory income received from the disposal of units in a pooled superannuation trust which are exempt from tax under paragraph 320-35(1)(c) of the Income Tax Assessment Act 1997 (ITAA 1997) excluded exempt income for the purposes of subsection 36-20(3) of the ITAA 1997?

No, amounts of ordinary income and statutory income received from the disposal of units in a pooled superannuation trust and exempt from tax under paragraph 320-35(1)(c) of ITAA 1997 are not excluded exempt income for the purposes of subsection 36-20(3) of the ITAA 1997.

A life insurance company receives amounts of ordinary income and statutory income from the disposal of units in a pooled superannuation trust. These amounts are exempt from tax under paragraph 320-35(1)(c) of the ITAA 1997.

Subsection 36-20(3) of the ITAA 1997 includes as excluded exempt income amounts of exempt income to which specific provisions of the Income Tax Assessment Act 1936 (ITAA 1936) apply. Subsection 36-20(3) of the ITAA 1997 does not specify exempt income under paragraph 320-35(1)(c) of the ITAA 1997 as excluded exempt income. ( Note: this issue has been referred to Government)