Taxation Ruling

IT 2663A - Addendum

Income tax: basis of assessment of general insurance activities

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FOI status:

may be released

NOTICE OF ADDENDUM

The Tax Law Improvement Project is restructuring, renumbering and rewriting the income tax law in plain language. The Parliament is amending the income tax law progressively to reflect these aims. As new laws come into effect, Taxation Rulings about old laws are being brought into line with them.

This Addendum amends Taxation Ruling IT 2663, in relation to the 1997-98 or a later income year, as follows:

1. Paragraph 2

(a)
Omit ' subsection 25(1) of the Income Tax Assessment Act 1936'; substitute 'section 6-5 of the Income Tax Assessment Act 1997 ('ITAA 1997') (formerly subsection 25(1) of the Income Tax Assessment Act 1936 ('ITAA 1936'))'.
(b)
Omit 'subsection 51(1) of the Income Tax Assessment Act 1936'; substitute 'section 8-1 of the Income Tax Assessment Act 1997 ('ITAA 1997') (formerly subsection 51(1) of the Income Tax Assessment Act 1936 ('ITAA 1936'))'.

2. Paragraph 5

(a)
Omit 'subsection 51(1)'; substitute 'section 8-1'.
(b)
Omit 'subsection 25(1)'; substitute 'section 6-5'.

3. Paragraph 7

(a)
Omit 'subsection 51(1)'; substitute 'section 8-1'.
(b)
Omit 'subsection 25(1)'; substitute 'section 6-5'.

4. Paragraph 20

Omit 'subsection 25(1)'; substitute 'section 6-5'.

5. Paragraph 21

Omit 'subsection 25(1)'; substitute 'section 6-5'.

6. Paragraph 45

Omit 'subsection 25(1)'; substitute 'section 6-5'.

7. Paragraph 47

Omit 'subsection 25(1)'; substitute 'section 6-5'.

8. Paragraph 50

Omit 'subsection 25(1)'; substitute 'section 6-5'.

9. Paragraph 51

Omit 'subsection 25(1)'; substitute 'section 6-5'.

10. Paragraph 54

Omit 'subsection 25(1)'; substitute 'section 6-5'.

11. Paragraph 59

Omit 'subsection 25(1)'; substitute 'section 6-5'.

12. Paragraph 62

Omit 'subsection 25(1)'; substitute 'section 6-5'.

13. Paragraph 63

Omit 'subsection 51(1)'; substitute 'section 8-1'.

14. Paragraph 64

Omit 'subsection 51(1)'; substitute 'section 8-1'.

15. Paragraph 68

Omit 'subsection 51(1)'; substitute 'section 8-1'.

16. Paragraph 69

Omit 'subsection 51(1)'; substitute 'section 8-1'.

17. Paragraph 70

Omit 'subsection 51(1)'; substitute 'section 8-1'.

18. Paragraph 76

Omit 'subsection 51(1)'; substitute 'section 8-1'.

19. Paragraph 77

Omit 'subsection 51(1)'; substitute 'section 8-1'.

20. Paragraph 78

Omit 'subsection 51(1)'; substitute 'section 8-1'.

21. Paragraph 84

Omit 'subsection 51(1)'; substitute 'section 8-1'.

22. Paragraph 85

Omit 'subsection 51(1)'; substitute 'section 8-1'.

23. Paragraph 86

Omit 'subsection 51(1)'; substitute 'section 8-1'.

24. Paragraph 87

Omit 'subsection 51(1)'; substitute 'section 8-1'.

25. Paragraph 98

Omit 'subsection 25(1)'; substitute 'section 6-5'.

26. Paragraph 107

Omit 'subsection 51(1)'; substitute 'section 8-1'.

27. Paragraph 127

Omit 'subsection 25(1)'; substitute 'section 6-5'.

28. Paragraph 131

Omit 'subsection 51(1)'; substitute 'section 8-1'.

29. Paragraph 136

(a)
Omit 'subsection 51(1)'; substitute 'section 8-1'.
(b)
Omit 'subsection 25(1)'; substitute 'section 6-5'.

30. Paragraph 143

Omit 'subsection 51(1)'; substitute 'section 8-1'.

31. Legislative references

(a)
Omit '25(1)'; substitute '6-5'.
(b)
Omit '51(1)'; substitute '8-1'.

Commissioner of Taxation
28 April 1999

References

ATO references:
NO NAT 99/4295-5; 91/6961-0

ISSN 0813 - 3662

Related Rulings/Determinations:

IT 2663