Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 320.139

Taxable income--ordinary class

                   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).



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