Part E
Timing and quantifying rules
Life insurance rules:
Non-participation policies
EY 16Policyholder base allowable deductions: non-participation policies
For an income year, a life insurer's deduction is included as their policyholder base allowable deduction if it—
- relates to life insurance policies that are savings product policies and not profit participation policies; and
- relates to income meeting the requirements of section EY 15(1)(a) to (c); and
- is included in the amount of policyholder base allowable deduction calculated under subsection (2).
If a deduction meets the requirements of subsection (1)(a) and (b), the amount of the deduction that is policyholder base allowable deduction is calculated using the basis for apportionment in—
- section EY 15(2) and (3) with necessary modifications; or
- section EY 15(4) with necessary modifications.
Notes
- Section EY 16: substituted, on , by section 190(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
- Section EY 16(1): replaced (with effect on 1 July 2010), on , by section 59(1) of the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014 (2014 No 4).
- Section EY 16(1): amended (with effect on 1 July 2010), on , by section 82 of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).
- Section EY 16(2): replaced (with effect on 1 July 2010), on , by section 59(2) of the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014 (2014 No 4).
- Section EY 16 list of defined terms premium loading: repealed (with effect on 1 July 2010), on , by section 59(3) of the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014 (2014 No 4).
- Section EY 16 list of defined terms premium loading formula: repealed (with effect on 1 July 2010), on , by section 59(3) of the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014 (2014 No 4).
- Section EY 16 list of defined terms policyholder base income: repealed (with effect on 1 July 2010), on , by section 59(3) of the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014 (2014 No 4).
- Section EY 16 list of defined terms shareholder base allowable deduction: repealed (with effect on 1 July 2010), on , by section 59(3) of the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014 (2014 No 4).