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

70   Subsection 995-1(1) (definition of net risk component )

Repeal the definition, substitute:

net risk component of a *life insurance policy means so much of the policy's risk component as:

(a) is not reinsured under a *contract of reinsurance; or

(b) is reinsured under a contract of reinsurance to which subsection 148(1) of the Income Tax Assessment Act 1936 applies.