Income Tax Assessment (1997 Act) Regulations 2021

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS  

Division 26 - Some amounts you cannot deduct, or cannot deduct in full  

SECTION 26-85.01  

26-85.01   BORROWING COSTS ON LOANS TO PAY LIFE INSURANCE PREMIUMS - TERM INSURANCE POLICY ETC.  
For the purposes of subsection 26-85(2) of the Act, the risk component of a premium received in respect of a life insurance policy that is:

(a)    a term insurance policy; or

(b)    a rider or supplementary benefit attached to another policy where the sum insured is payable on death within a specified term;

is an amount that is equal to the whole of the amount of the premium.