Premiums from accident and disability and term policies
Write at label C the total amount of gross premiums received from:
- accident and disability policies (including continuous disability policies)
- term policies
- the value of assets (including money) relating to the ‘risk rider’ component of life insurance premiums transferred from the complying superannuation asset pool under subsections 320-180(1) and 320-195(3) of the ITAA 1997.
Premiums – other life insurance policies
Write at label D the total amount of gross premiums received from all life insurance policies for the ordinary class except for the amounts included at labels B, C and E.
Write at label E the total amount of gross premiums received from complying superannuation life insurance policies.
Total ordinary income – ordinary class
Write at label F the assessable income of the ordinary class that is income according to ordinary concepts. This includes premiums included at labels C and D.
For a consolidated group, the head company includes at label F the assessable income that is income according to ordinary concepts for all members of the consolidated group except for the ordinary income of the complying superannuation class of any life insurance company which is a member of the consolidated group.
Total assessable income – complying superannuation class
Write at label G the assessable income that is allocated to the complying superannuation class under subsection 320-137(2) of the ITAA 1997. The total assessable income at label G includes both income according to ordinary concepts and statutory income.
The total assessable income of the complying superannuation class at label G also includes transfers to the complying superannuation asset pool, as stated in Transfers to complying superannuation asset pool.
Taxation of Financial Arrangements gains
If the life insurance company had financial arrangements which resulted in assessable Taxation of Financial Arrangements (TOFA) gains, then:
- write at label U the amount of assessable TOFA gains of the ordinary class that are income according to ordinary concepts included at label F; for a consolidated group, the head company includes the amount for all members of the consolidated group that are included at label F
- write at label T the amount of assessable TOFA gains of the complying superannuation class included at label G.
Continue to: 3 Allowable deductions
Return to: Instructions life insurance companies taxation schedule 2024