Taxation Laws Amendment Act (No. 1) 1999 (16 of 1999)

Schedule 9   Average calculated liabilities of life assurance companies

Income Tax Assessment Act 1936

10   Application

(1) The amendments made by this Schedule apply to a life assurance company in respect of the first year of income starting on or after 29 April 1997 and all later years of income.

(2) The amendments made by this Schedule also apply to a life assurance company in respect of the year of income that immediately preceded the first year of income referred to in subsection (1) if, and only if:

(a) that immediately preceding year of income ended on or after 29 April 1997; and

(b) a significant event in relation to any of the insurance funds maintained by the company occurred during the part of that year of income occurring on and after that date.