Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 295.100

Deductions for investing in PSTs and life policies

             (1)  Provisions of this Act about deducting amounts apply to * complying superannuation funds and * complying approved deposit funds as if * ordinary income and * statutory income received from these investments were included in their assessable income:

                     (a)  units in a * pooled superannuation trust;

                     (b)  * life insurance policies issued by a * life insurance company;

                     (c)  an interest in a trust whose assets consist only of life insurance policies issued by a life insurance company.

Note:          Income from these investments is not assessable: see for example sections 295- 105 and 118-350.

             (2)  A * complying superannuation fund cannot deduct an amount (otherwise than under section 295-465) for fees or charges incurred for:

                     (a)  * complying superannuation life insurance policies; or

                     (b)  * exempt life insurance policies; or

                     (c)  units in a * pooled superannuation trust that are * segregated current pension assets of the fund.



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