Taxation Determination
TD 92/146
Income tax: insurance: does the definition of 'AD premiums' in subsection 110(1) mean that accident and disability premiums received in an income year are fully assessable in that year?
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Please note that the PDF version is the authorised version of this ruling.
FOI status:
may be releasedFOI number: I 1213168| This Determination, to the extent that it is capable of being a 'public ruling' in terms of Part IVAAA of the Taxation Administration Act 1953, is a public ruling for the purposes of that Part. Taxation Ruling TR 92/1 explains when a Determination is a public ruling and how it is binding on the Commissioner. Unless otherwise stated, the Determination applies to transactions entered into both before and after its date of issue. |
1. No. Accident and disability premiums of a life assurance company are assessable income of the years in which they are derived.
2. Subsection 110(1) defines AD premiums as 'premiums received in respect of AD policies'. This definition was not intended to change the assessability of AD premiums to a receipts basis
Commissioner of Taxation
20/08/92
References
ATO references:
NO Insurance Industry Cell
ISSN 1038 - 3158
Subject References:
Life assurance companies,
definition: AD premiums
Legislative References:
ITAA 110(1)