Commonwealth Consolidated Acts

TAXATION LAWS AMENDMENT ACT (NO. 5) 1989 - SECT 12

Deductions not allowable for expenditure incurred in gaining certain premium

income

  12. Section 112 of the Principal Act is amended:

  (a) by omitting from subsection (1) all the words after "exclusively" and

substituting the following words and paragraphs:

     "in gaining:

  (a)  premiums that are excluded from assessable income by section 111 other

than:

    (i)  superannuation premiums; or

    (ii)  premiums to which section 111AA applies; or

  (b)  the risk component of premiums to which section 111AA applies.";

  (b) by omitting subsection (2).