Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION  

Division 9 - Co-operative and mutual companies  

SECTION 121   MUTUAL INSURANCE ASSOCIATIONS  

121(1)   [Company carrying on business of insurance]  

An association of persons formed for the purpose of insuring those persons against loss, damage or risk of any kind is taken, for the purposes of this Act, to be a company carrying on the business of insurance.

121(2)   [Premiums included in income]  

The assessable income of such a company includes all premiums derived by it, whether from its members or not.