Tax Laws Amendment (2004 Measures No. 2) Act 2004 (83 of 2004)
Schedule 1 Life insurance companies
Part 1 Amendments commencing on 30 June 2000
Income Tax Assessment Act 1997
44 Subsection 320-195(4)
Repeal paragraph (c) and omit all the words after it, substitute:
(c) any liabilities to pay *PAYG instalments, or income tax, that are attributable to the company's *virtual PST assets;
the life insurance company must pay, from the virtual PST, any amounts required to discharge the liabilities, or amounts equal to the expenses (as appropriate).