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

82   Deductions allowable from assessable income of registered organizations

 

(1) Section 116H of the Principal Act is amended:
        

(a) by inserting after paragraph (a) the following paragraph:
        

"(aa) any deductions that, apart from this section, would be allowable to the organization in relation to the year of income under section 116HAB or 116HAC; and";

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

"(2) In paragraph (1)(b):

'assessable income', in relation to a registered organization:

(a) includes superannuation premiums to which section 116HAB applies that are received on or after 1 January 1994 by the organization; and

(b) includes the investment component of relevant life assurance premiums to which section 116HAC applies that are received on or after 1 July 1994 by the organization.".

      

(2) The amendment made by paragraph (1)(a) applies to deductions in respect of a loss, outgoing or expenditure (including a deduction based on, or calculated by reference to, all or a portion of a loss, outgoing or expenditure) incurred:
        

(a) in respect of deductions under section 116HAB-on or after 1 January 1994; or
        

(b) in respect of deductions under section 116HAC-on or after 1 July 1994.