INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-35 - INSURANCE BUSINESS  

Division 320 - Life insurance companies  

Subdivision 320-D - Income tax, taxable income and tax loss of life insurance companies  

Taxable income and tax loss of life insurance companies

SECTION 320-139   320-139   Taxable income - ordinary class  


A *life insurance company's taxable income of the ordinary class is a taxable income worked out under this Act on the basis of only:


(a) assessable income of the company that is not covered by subsection 320-137(2) ; and


(b) amounts (other than *tax losses) that the company can deduct and are not covered by subsection 320-137(4) ; and


(c) tax losses of the company that are of the *ordinary class.

Note:

For the usual way of working out a taxable income: see subsection 4-15(1) . For other ways of working out a taxable income: see subsection 4-15(2) .


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