Commonwealth Numbered Acts

Income Tax Assessment Amendment Act (No. 3) 1984 No. 47 of 1984 - SECT 30

30. Section 111 of the Principal Act is repealed and the following section is
substituted: Premiums not assessable income

''111. (1) The assessable income of a life assurance company shall not include
premiums received in respect of life assurance policies.

''(2) For the purposes of sub-sections 113 (2) and 116AA (1), the total income
of a life assurance company shall include premiums received in respect of life
assurance policies.''.