ATO ID 2002/197: Premiums received by a friendly society from ordinary bundled endowment policies
Date of decision: 27 August 2001
Year of income: Year ended 30 June 2001 and subsequent income years
Business line: Public Groups and International

Issue
How does subsection 320-15(a) of the Income Tax Assessment Act 1997 (ITAA 1997) apply to ordinary bundled endowment policies issued by a friendly society?

Decision
Paragraph 320-15(a) of ITAA 1997 includes in assessable income all life insurance premiums received from ordinary bundled endowment policies issued by a friendly society?

Facts
A friendly society issues ordinary bundled endowment policies and receives premiums from policyholders.

Reasons for decision
Summary: Paragraph 320-15(a) of ITAA 1997 includes in the assessable income of a friendly society the total amount of premiums received from ordinary bundled endowment policies.

Legislative references: Income Tax Assessment Act 1997 Paragraph 320-15(a)
Related ATO interpretative decisions: ATO ID 2002/198 | ATO ID 2002/199 | ATO ID 2002/200 | ATO ID 2002/201
Subject references: Life assurance Endowment insurance