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

78   Expenses of general management relating to producing assessable income

 

(1) Section 113 of the Principal Act is amended by adding at the end the following subsection:
            

"(5) In this section:

'assessable income', in relation to a life insurance company, includes:

(a) superannuation premiums to which section 111AC applies that are received by the company; and

(b) the investment component of relevant life assurance premiums to which section 111AD applies that are received by the company.".

      

(2) The amendment made by subsection (1) applies to expenditure incurred on or after 1 January 1994.