Tax Laws Amendment (2004 Measures No. 2) Act 2004 (83 of 2004)

Schedule 1   Life insurance companies

Part 8   Application of the amendments

126   Application

 

(1) The amendment made by item 84 applies to a base year that is an income year including 1 July 2000 or is a later income year.

      

(2) The amendments made by items 85 to 94 apply in relation to depreciating assets that, apart from the effect of any of those amendments, a life insurance company:

(a) started to hold under a contract entered into after 30 June 2001; or

(b) started to construct after that day; or

(c) started to hold in some other way after that day.

      

(3) The amendments made by items 95 to 99 apply in relation to a consolidated group that comes into existence on or after 1 July 2002.

      

(4) The amendment made by item 100 applies to assessments for the 2001-2002 income year and later income years, where the date of the settlement or order (within the meaning of Division 54 of the Income Tax Assessment Act 1997) is 26 September 2001 or a later date.

      

(5) The amendments made by items 101 to 104 apply to amounts derived by a life insurance company on or after 1 July 2000.

      

(6) The amendment made by item 107 applies to a base year that is an income year including 1 July 2002 or is a later income year.

      

(7) The amendments made by items 108 to 115 apply in relation to amounts received or derived by a taxpayer under or in relation to a life assurance policy after the day on which this Act receives the Royal Assent.

      

(8) The amendment made by item 116 applies to any reinsurance commission received or recovered by a life insurance company at any time after the day on which this Act receives the Royal Assent.

      

(9) The amendments made by items 117 to 122 apply to the 2003-2004 income year and later income years.

      

(10) The amendments made by items 123 and 124 apply to the income year in which 30 June 2002 occurs and later income years.

      

(11) The amendment made by item 125 applies in relation to a valuation time that occurs after the day on which this Act receives the Royal Assent.