Taxation Laws Amendment Act (No. 1) 1999 (16 of 1999)

Schedule 9   Average calculated liabilities of life assurance companies

Income Tax Assessment Act 1936

8   Subsection 116CB(2)

Omit all the words after “formula:”, substitute:

Core amount * [Average calculated liabilities(category of policies)/Average calculated liabilities(all non-exempt resident policies)

where:

average calculated liabilities (all non-exempt resident policies) means the average calculated liabilities of the company for the year of income for policies of all categories (other than exempt policies or eligible non-resident policies) included in the fund in which the asset was included immediately before disposal.

average calculated liabilities (category of policies) means the average calculated liabilities of the company for the year of income for policies of the category concerned that are included in the fund in which the asset was included immediately before disposal.

core amount means the core amount.