Document ID: chunk:federal_register_of_legislation:C2010C00691:body:0:p10
Version: federal_register_of_legislation:C2010C00691
Segment Type: other
Provision Reference: 
Character Range: 22860–25719

Paragraph 275(2)(a) (which relates to the transfer of taxable
superannuation contributions to life assurance companies) is to be disregarded
for the purposes of subsections (1) and (2) of this section.".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 22
Apportionment of current year deductions between classes

  22. Section 116CF of the Principal Act is amended by adding at the end the
following subsections:
  "(3) Paragraph 275(2)(a) (which relates to the transfer of taxable
superannuation contributions to life assurance companies) is to be disregarded
for the purposes of subsection (2) of this section.
  "(4) For the purposes of the definition of 'Total income' in subsection (2),
the following are taken to be assessable income:
  (a) superannuation premiums to which subsection 111A(1) applies;
  (b) the investment component of premiums to which section 111AA applies.
  "(5) For the purposes of the application of subsection (2) to the NCS class
of assessable income, the definition of 'Income of class' has effect as if
superannuation premiums to which subsection 111A(1) applies, being premiums in
respect of NCS policies, were assessable income of that class.
  "(6) For the purposes of the application of subsection (2) to the CS/RA
class of assessable income, the definition of 'Income of class' has effect as
if the following were assessable income of that class:
  (a) superannuation premiums to which subsection 111A(1) applies, being
premiums in respect of CS policies;
  (b) the investment component of premiums to which section 111AA applies,
being premiums in respect of RA policies.
  "(7) For the purposes of the application of subsection (2) to the AD/RLA
class of assessable income, the definition of 'Income of class' has effect as
if the investment component of premiums to which section 111AA applies, being
premiums in respect of AD/RLA policies, were assessable income of that
class.".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 23
Application of amendments

  23.(1) In this section:
  "amended Act" means the Principal Act as amended by this Division.
  (2) Subsections 111C(3), 113(2A) and 116CF(3) of the amended Act apply in
relation to an agreement entered into by a life assurance company under
section 275 of the Income Tax Assessment Act 1936 after 31 May 1993.
  (3) Subsections 116CF(4), (5), (6) and (7) of the amended Act apply in
relation to premiums received by a life assurance company after 31 May 1993.

Division 4 - Amendment relating to life assurance policies and capital gains

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 24
Object of Division

  24. The object of this Division is to exempt disposals of life assurance
policies held by trustees of complying superannuation funds, complying
approved deposit funds and pooled superannuation trusts from