Compare documents

ATO ID 2002/197currentchange

Premiums received by a friendly society from ordinary bundled endowment policies

Issue

How does subsection 320-15(a) of the Income Tax Assessment Act 1997 (ITAA 1997) apply to ordinary bundled endowment policies issued by a friendly society?

Decision

Paragraph 320-15(a) of ITAA 1997 includes in assessable income all life insurance premiums received from ordinary bundled endowment policies issued by a friendly society?

Facts

A friendly society issues ordinary bundled endowment policies and receives premiums from policyholders.

Reasons for Decision

Paragraph 320-15(a) of ITAA 1997 includes in the assessable income of a friendly society the total amount of premiums received from ordinary bundled endowment policies.

Choose document B