Taxation Ruling

TR 96/2A - Addendum

Income tax: taxation implications of arrangements known as financial insurance and financial reinsurance

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FOI status:

may be released

Addendum

This Addendum amends Taxation Ruling TR 96/2, in relation to the 1997-98 or a later income year, as follows:

1. At Paragraph 11

(a)

Omit 'subsection 25(1) of the Income Tax Assessment Act 1936 (ITAA)'; substitute 'section 6-5 of the Income Tax Assessment Act 1997 ('the 1997 Act') (formerly subsection 25(1) of the Income Tax Assessment Act 1936 ('the 1936 Act')'.

(b)

Omit 'subsection 51(1) of the ITAA'; substitute 'section 8-1 of the 1997 Act (formerly subsection 51(1) of the 1936 Act)'.

(c)

Omit 'subsection 25(1) of the ITAA'; substitute 'section 6-5 of the 1997 Act'.

2. At Paragraph 12

Omit 'subsection 51(1) of the ITAA'; substitute 'section 8-1 of the 1997 Act'.

3. At Paragraph 13

Omit 'of the ITAA'; substitute 'of the 1936 Act'.

4. At Paragraph 30

Omit 'of the ITAA'; substitute 'of the 1936 Act'.

5. At Paragraph 54

Omit 'subsection 51(3) of the ITAA'; substitute 'section 26-10 of the 1997 Act (formerly subsection 51(3) of the 1936 Act)'.

6. At Paragraph 58

Omit 'of the ITAA'; substitute 'of the 1936 Act'.

7. At the Legislative References

Omit all legislative references and substitute the following;

'ITAA 1936 177D(b)

ITAA 1936 Part IVA

ITAA 1997 8-1

ITAA 1997 6-5

ITAA 1997 26-10'.

Commissioner of Taxation
18 August 1999

References

ATO references:
NO 99/10494-5