Taxation Laws Amendment Act (No. 1) 1995 (120 of 1995)

Schedule 1   VARIOUS AMENDMENTS OF THE INCOME TAX ASSESSMENT ACT 1936

Part 4   DIVIDEND REBATES AND LIFE ASSURANCE COMPANIES

31   After subsection 46A(6)

Insert:

"(6A) If:

(a) the shareholder mentioned in subsection (5) or (6) is a life assurance company; and

(b) the sum mentioned in paragraph (5)(a), or the net income derived from dividends mentioned in paragraph (5)(b) or subsection (6), is greater than the non-fund component of the life assurance company's taxable income for the year of income concerned;

the reference to the sum or the net income is taken instead to be a reference to the amount of the non-fund component.".