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

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

 

(1) Section 116HA of the Principal Act is amended by adding at the end the following subsection:
        

"(2) 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, if:

(a) a registered organization receives premiums (the 'foreign premiums') in respect of a superannuation policy issued by it in the course of a business carried on by it at or through a permanent establishment of the organization in a foreign country; and

(b) the organization's assessable income does not include the income from the investment of the foreign premiums;

then the reference in subsection (1) to superannuation premiums does not include a reference to the foreign premiums.".

      

(2) Section 116HA of the Principal Act is amended 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 exempt from tax under section 23AH.".

      

(3) Section 116HA of the Principal Act is amended by adding at the end the following subsection:
        

"(4) This section does not apply to premiums received on or after 1 January 1994.".