Income Tax Assessment Act 1936
PART III - LIABILITY TO TAXATION Division 9 - Co-operative and mutual companies SECTION 121 MUTUAL INSURANCE ASSOCIATIONS 121(1) [Company carrying on business of insurance]
An association of persons formed for the purpose of insuring those persons against loss, damage or risk of any kind is taken, for the purposes of this Act, to be a company carrying on the business of insurance.121(2) [Premiums included in income]
The assessable income of such a company includes all premiums derived by it, whether from its members or not.
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