Taxation Laws Amendment Act 1994 (56 of 1994)

Part 3   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 10   Life assurance companies and registered organizations

70   Deductions to be allowable for expenditure incurred in gaining superannuation premiums

 

(1) Section 111A of the Principal Act is amended by adding at the end the following subsection:
        

"(1A) For the purposes of the application of this section to assessments in respect of income of the year of income in which 1 July 1988 occurred and to assessments in respect of income of any later year of income that is derived before the end of the 1989-90 year of income, the reference in subsection (1) to superannuation premiums does not include a reference to premiums that are:

(a) received in respect of a superannuation policy issued by a life assurance company in the course of a business carried on by it at or through a permanent establishment of the company in a foreign country; or

(b) exempt from tax under paragraph 23(r).".

      

(2) Section 111A of the Principal Act is amended:
        

(a) by omitting subsection (2);

(b) by adding at the end the following subsection:

"(3) For the purposes of the application of this section to assessments in respect of income of the 1990-91 year of income or to assessments in respect of income of any later year of income, the reference in subsection (1) to superannuation premiums does not include a reference to premiums that are:

(a) received in respect of eligible non-resident policies; or

(b) exempt from tax under section 23AH; or

(c) exempt from tax under paragraph 23(r).".

      

(3) Section 111A of the Principal Act is amended by adding at the end the following subsection:
        

"(4) This section does not apply, and is taken not to have applied, to superannuation premiums received on or after 1 January 1994.".