Taxation Laws Amendment Act 1994 (56 of 1994)

Part 3   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 10   Life assurance companies and registered organizations

76   Repeal of section and substitution of new section

Section 112 of the Principal Act is repealed and the following section is substituted:

Deductions not allowable for expenditure incurred in gaining certain premium income

"112. (1) A deduction is not allowable to a life assurance company in respect of expenditure incurred exclusively in gaining:

(a) premiums that are excluded from assessable income by section 111 other than:

(i) superannuation premiums to which section 111AC applies; or

(ii) the investment component of relevant life assurance premiums to which section 111AD applies; or

(b) the risk component of any such relevant life assurance premiums.

"(2) This section applies to expenditure incurred on or after 1 January 1994.".