Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:2_84:p7
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 2 cl 84 (pt 7/26)
Character Range: 147549–150399

on the death or disability of a person.

 (3) The amount of a *life insurance premium that relates to the company's liability mentioned in paragraph (2)(b) is:
 (a) if the *life insurance policy states that the whole or a specified part of the premium is payable in respect of such a liability—the whole or that part of the premium, as the case may be; or
 (b) if paragraph (a) does not apply:
 (i) where the policy provides for *participating benefits or *discretionary benefits—nil; or
 (ii) where the policy is an *endowment policy and does not provide for participating benefits or discretionary benefits—10% of the premium; or
 (iii) where the policy is a *whole of life policy and does not provide for participating benefits or discretionary benefits—30% of the premium; or
 (iv) otherwise—so much of the premium as an *actuary determines to be attributable to the liability.

320‑60  Deduction for life insurance premiums where liabilities under life insurance policies are to be discharged from segregated exempt assets

  A *life insurance company can deduct the amounts of *life insurance premiums transferred in the income year to its *segregated exempt assets under subsection 320‑240(3).

320‑65  Deduction for life insurance premiums in respect of life insurance policies that provide for participating or discretionary benefits

  A *life insurance company can deduct the amounts of *net premiums received in respect of *life insurance policies (other than *virtual PST life insurance policies or *exempt life insurance policies) that provide for *participating benefits or *discretionary benefits.

320‑70  No deduction for life insurance premiums in respect of certain life insurance policies payable only on death or disability

 (1) A *life insurance company cannot deduct any part of the amounts of *life insurance premiums received in respect of *life insurance policies under which amounts are to be paid only on the death or disability of a person.

 (2) This section does not apply to *life insurance policies that provide for *participating benefits or *discretionary benefits.

320‑75  Deduction in respect of other life insurance policies

 (1) This section applies to a *life insurance company in respect of *life insurance policies to which sections 320‑55, 320‑60, 320‑65 and 320‑70 do not apply.

 (2) In respect of policies issued on or after 1 July 2001, the company can deduct, in respect of *life insurance premiums received in the income year, the lesser of the following amounts:
 (a) the amounts specified in the policies to be the capital components of those premiums, less any adjustments to be made because of *contracts of reinsurance;
 (b) the sum of the *net premiums less so much of the net premiums as an *actuary determines to be attributable to fees and charges.

 (3) In respect of policies issued