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.