Tax Laws Amendment (2004 Measures No. 2) Act 2004 (83 of 2004)

Schedule 1   Life insurance companies

Part 7   Amendments commencing on Royal Assent

Income Tax Assessment Act 1997

121   Subsection 320-37(2) (definition of non-resident foreign establishment policy liabilities )

Repeal the definition, substitute:

non-resident foreign establishment policy liabilities means the average value for the income year (as calculated by an *actuary) of the policy liabilities (as defined in the *Valuation Standard) for all *life insurance policies that:

(a) are *non-resident life insurance policies; and

(b) were issued by the company at or through the *permanent establishment to which the foreign establishment amounts relate.