Taxation Laws Amendment Act (No. 1) 1999 (16 of 1999)
Schedule 9 Average calculated liabilities of life assurance companies
Income Tax Assessment Act 1936
4 Subsection 112C(2)
Omit all the words after exempt from tax:, substitute:
Average calculated liabilities(eligible non-resident policies) / Average calculated liabilities(all policies)
where:
average calculated liabilities (all policies) means the average calculated liabilities of the company for the year of income for policies of all categories that:
(a) are included in the fund; and
(b) were issued in the course of carrying on the PE business.
average calculated liabilities (eligible non-resident policies) means the average calculated liabilities of the company for the year of income for eligible non-resident policies that:
(a) are included in the fund; and
(b) were issued in the course of carrying on the PE business.
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