Income Tax Assessment Act 1936
PART III
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LIABILITY TO TAXATION
Division 9
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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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