Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 (44 of 1999)

Schedule 7   Consequential amendment of Acts

Income Tax Assessment Act 1936

64   Subsection 110(1) (definition of ordinary life assurance company)

Omit all the words after "which is life assurance", substitute:

and:

(a) includes a company that is registered under the Life Insurance Act 1995 and is carrying on life assurance business; but

(b) does not include (despite paragraph (a)), a company that is:

(i) an SGIO; or

(ii) a registered organization (within the meaning of Division 8A).

Note: So a friendly society that is registered under the Life Insurance Act 1995 that is a registered organization is not an ordinary life assurance company.