Taxation Laws Amendment Act (No. 1) 1999 (16 of 1999)

Schedule 9   Average calculated liabilities of life assurance companies

Income Tax Assessment Act 1936

3   Subsection 112A(3)

Repeal the subsection, substitute:

(3) Subsection (2) does not apply in relation to a fund if less than one-third of the average calculated liabilities of the company for the year of income for policies of all categories (other than eligible non-resident policies) included in the fund relates to Australian policies.