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

Schedule 1   VARIOUS AMENDMENTS OF THE INCOME TAX ASSESSMENT ACT 1936

Part 1   BONUS SHARES AND LIFE ASSURANCE COMPANIES

3   Paragraph 6BA(6)(d)

Omit the paragraph, substitute:

"(d) an amount attributable to the dividend is included, through the taxpayer or through the taxpayer and any interposed partnerships or trusts, in:

(i) the assessable income, other than the fund assessable income, of a life assurance company of any year of income (the 'relevant year of income'); or

(ii) the assessable income of a company that is a resident, but neither a trustee of a trust estate nor a life assurance company, of any year of income (also the 'relevant year of income');".