Commonwealth Numbered Acts

TAXATION (DEFICIT REDUCTION) ACT (No. 2) 1993No. 55, 1993 - SECT 10

10. After section 116HA of the Principal Act the following section is
inserted: Deductions to be allowable for expenditure incurred in gaining the
investment component of certain premiums Premiums to which section applies

"116HAA. (1) This section applies to premiums received in respect of life
assurance policies other than:

   (a)  superannuation premiums; or

   (b)  premiums received in respect of eligible policies; or

   (c)  specified roll-over amounts; or

   (d)  premiums exempt from tax under section 23AH.

Assumption to be made in determining allowable deductions

"(2) For the purposes of determining the deductions allowable to a registered
organization, the investment component of a premium to which this section
applies is to be treated as assessable income.

Actuary's certificate

"(3) This section does not apply to premiums derived by a registered
organization in a year of income unless the organization obtains a certificate
by an authorised actuary with respect to the operation of this section. The
certificate must be in a form approved in writing by the Commissioner. The
organization must obtain the certificate:

   (a)  before the date of lodgment of the organization's return of income of
        the year of income; or

   (b)  within such further time as the Commissioner allows.

Definition

"(4) In this section:
'authorised actuary' means a Fellow or an Accredited Member of the Institute
of Actuaries of Australia.".