Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-35 - INSURANCE BUSINESS  

Division 320 - Life insurance companies  

Subdivision 320-C - Deductions and capital losses  

Operative provisions

SECTION 320-70   No deduction for life insurance premiums in respect of certain life insurance policies payable only on death or disability  

320-70(1)  
A *life insurance company cannot deduct any part of the amounts of *life insurance premiums received in respect of *life insurance policies under which amounts are to be paid only on the death or disability of a person.

320-70(2)  


This section does not apply to:


(a) *life insurance policies that provide for *participating benefits or *discretionary benefits; or


(b) funeral policies.


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