Taxation Laws Amendment Act (No. 1) 1999 (16 of 1999)
Schedule 9 Average calculated liabilities of life assurance companies
Income Tax Assessment Act 1936
2 Subsection 112A(1)
Omit all the words after “formula”, substitute:
Average calculated liabilities(exempt policies) / Average calculated liabilities(all resident policies)
where:
average calculated liabilities (all resident policies) means the average calculated liabilities of the company for the year of income for policies of all categories (other than eligible non-resident policies) included in the fund.
average calculated liabilities (exempt policies) means the average calculated liabilities of the company for the year of income for exempt policies (other than eligible non-resident policies) included in the fund.
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