Taxation Laws Amendment Act (No. 1) 1995 (120 of 1995)

Schedule 1   VARIOUS AMENDMENTS OF THE INCOME TAX ASSESSMENT ACT 1936

Part 4   DIVIDEND REBATES AND LIFE ASSURANCE COMPANIES

28   After subsection 46(6)

Insert:

"(6AA) For the purposes of subsection (2) and subsection (3), the average rate of tax payable for a year of tax by a shareholder that is a life assurance company is the rate of tax applicable under paragraph 23(4A)(c) of the Income Tax Rates Act 1986 in respect of the non-fund component of the life assurance company's taxable income.".