INCOME TAX ASSESSMENT ACT 1997 - SECT 320.139 Taxable income--ordinary class

INCOME TAX ASSESSMENT ACT 1997 - SECT 320.139

    A * life insurance company's taxable income of the ordinary class is a taxable income worked out under this Act on the basis of only:

  (a)   assessable income of the company that is not covered by subsection   320 - 137(2); and

  (b)   amounts (other than * tax losses) that the company can deduct and are not covered by subsection   320 - 137(4); and

  (c)   tax losses of the company that are of the * ordinary class.

Note:   For the usual way of working out a taxable income: see subsection   4 - 15(1). For other ways of working out a taxable income: see subsection   4 - 15(2).