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

Schedule 1   Life insurance companies

Part 1   Amendments commencing on 30 June 2000

Income Tax Assessment Act 1997

44   Subsection 320-195(4)

Repeal paragraph (c) and omit all the words after it, substitute:

(c) any liabilities to pay *PAYG instalments, or income tax, that are attributable to the company's *virtual PST assets;

the life insurance company must pay, from the virtual PST, any amounts required to discharge the liabilities, or amounts equal to the expenses (as appropriate).