Taxation Laws Amendment Act (No. 1) 1995 (120 of 1995)

Schedule 1   VARIOUS AMENDMENTS OF THE INCOME TAX ASSESSMENT ACT 1936

Part 7   ELIGIBLE INVESTMENT INCOME OF REGISTERED ORGANISATIONS

54   Subsection 116E(1) (definitions of 'EIB assessable income' and 'EIB asset')

Omit the definitions, substitute the following definitions:

" 'EIB assessable income', in relation to a registered organisation in relation to a year of income, means so much of the total income (other than premiums) of the organisation of the year of income as is derived from:

(a) in any case-eligible insurance business of the organisation; or

(b) if paragraph (c) does not apply-eligible investment assets of the organisation; or

(c) if the registered organisation is a friendly society-eligible investment assets that are not included in a benefit fund of the friendly society;

'EIB asset', in relation to a registered organisation, means:

(a) in any case-an asset of the organisation that relates to its eligible insurance business; or

(b) if paragraph (c) does not apply-an eligible investment asset of the organisation; or

(c) if the registered organisation is a friendly society-an eligible investment asset of the friendly society that is not included in a benefit fund of the friendly society;".