New International Tax Arrangements (Participation Exemption and Other Measures) Act 2004 (96 of 2004)

Schedule 3   Tainted services income

Part 1   Amendments

Income Tax Assessment Act 1936

2   Paragraph 448(1)(c)

Repeal the paragraph, substitute:

(c) income consisting of life assurance premiums in respect of a life assurance policy if, at the time the policy was entered into, the owner of the policy was a Part X Australian resident;