Life insurance: paying a premium.
12 Apr 07 |
CCH TAX WEEK
Issue: Issue 14 2007
The regime for taxing life insurance companies in Australia was subject to major overhaul in the year 2000 with the introduction of Div 320 of ITAA 1997. There are, however, some areas of continuing uncertainty regarding the operation of Div 320. The Tax Office has provided some further guidance regarding one of these issues in a recent interpretative decision, namely, an issue concerning the timing of when life insurance premiums are assessable. This article will consider the issue and outline the Tax Office's conclusions in ATO ID 2007/41.
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Philip is a barrister at the Victorian Bar practising in federal and state taxation and superannuation. He acts for both taxpayers and revenue authorities and has appeared in a number of leading cases in these fields. Philip is also the author of Bender’s Australian Stamp Duties, a book published by The Tax Institute dealing with stamp duty in all Australian jurisdictions.
- Current at
26 June 2019