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

Schedule 1   Life insurance companies

Part 1   Amendments commencing on 30 June 2000

Income Tax Assessment Act 1997

17   Paragraph 320-40(5)(b)

Repeal the paragraph, substitute:

(b) so much of the sum of:

(i) any amounts transferred to the virtual PST in the income year under subsection 320-180(3) or 320-185(1); and

(ii) any of the amounts mentioned in paragraph (a) that are related to the company's liability to pay amounts on the death or disability of a person; and

(iii) any of the amounts mentioned in paragraph (a) that are related to expenses incurred by the company in respect of policies that provide for *participating benefits or *discretionary benefits; and

(iv) any of the amounts mentioned in paragraph (a) that are not covered by subparagraph (ii) or (iii) and are covered by subsection (5A);

as does not exceed the sum of the amounts mentioned in paragraph (a).