INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
For the purposes of the application of this Division to a private company carrying on in Australia the business of insurance -
(a) the taxable income shall be deemed to be the amount that would be the taxable income if section 148 did not apply to the company; and
(b) there shall be included in the distributable income, in addition to the amount ascertained in accordance with the definition of the distributable income in subsection 103(1) , any amount (other than a refund) which has been received by the private company in the year of income, directly or indirectly, as a reimbursement of, or otherwise for or in respect of, any tax or contribution which has been deducted, or is deductible, in ascertaining the distributable income of any year of income, under this Division or the Division for which this Division was substituted.
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