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

19   Paragraphs 320-40(6)(a) and (b)

Repeal the paragraphs, substitute:

(a) the sum of the amounts transferred from the segregated exempt assets in the income year under subsection 320-235(1) or 320-250(2);

less:

(b) so much of the sum of:

(i) any amounts transferred to the segregated exempt assets in the income year under subsection 320-235(3) or 320-240(1); and

(ii) 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

(iii) any of the amounts mentioned in paragraph (a) that are not covered by subparagraph (ii) and are covered by subsection (6A);

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