New Business Tax System (Consolidation and Other Measures) Act 2003 (16 of 2003)

Schedule 24   Consolidation: pay as you go (PAYG) instalments

Part 1   Amendment of the Taxation Administration Act 1953

1   Subsection 45-120(2A) in Schedule 1

Repeal the subsection, substitute:

(2A) The instalment income of a *life insurance company for a period also includes any part of its *statutory income that:

(a) is reasonably attributable to that period; and

(b) is included in the *complying superannuation class of its taxable income for the income year that is or includes that period.