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.
View history note
Hide history noteSECTION 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.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.