Document ID: chunk:federal_register_of_legislation:C2010C00648:clause:1_21
Version: federal_register_of_legislation:C2010C00648
Segment Type: clause
Provision Reference: sch 1 cl 21
Character Range: 25835–26508

21  Subsection 320‑40(7)
Repeal the subsection, substitute:

 (7) The applicable amount for other policies is:
 (a) the sum of:
 (i) the *life insurance premiums received in respect of the policies in the income year; and
 (ii) any amounts that the company includes in its assessable income in respect of the policies under paragraph 320‑15(1)(k) for the income year;
less:
 (b) so much of the sum of:
 (i) the amounts that the company can deduct under section 320‑75 in respect of the policies in the income year; and
 (ii) the *risk components of claims paid under the policies in the income year;
  as does not exceed the sum of the amounts mentioned in paragraph (a).