Tax Laws Amendment (2004 Measures No. 2) Act 2004 (83 of 2004)

Schedule 1   Life insurance companies

Part 7   Amendments commencing on Royal Assent

Income Tax Assessment Act 1997

124   Subsection 995-1(1) (definition of Valuation Standard )

Repeal the definition, substitute:

Valuation Standard means any actuarial standard that:

(a) provides for a valuation of the policy liabilities mentioned in subsection 114(2) of the Life Insurance Act 1995; and

(b) is in force under that Act.