Income Tax Assessment Amendment Regulations 2007 (No. 2) (90 of 2007)

Schedule 3   Further amendments commencing on 1 July 2007

[1]   Part 2, before Division 28

insert

Division 26 Some amounts you cannot deduct, or cannot deduct in full

26-85.01 Borrowing costs on loans to pay life insurance premiums - term insurance policy

The risk component of a premium received in respect of:

(a) a term insurance policy; or

(b) a rider or supplementary benefit attached to another policy where the sum insured is payable on death within a specified term;

is the whole of the premium.