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Income tax: insurance: does the definition of 'AD premiums' in subsection 110(1) mean that accident and disability premiums received in an income year are fully assessable in that year?

No. Accident and disability premiums of a life assurance company are assessable income of the years in which they are derived.

Subsection 110(1) defines AD premiums as 'premiums received in respect of AD policies'. This definition was not intended to change the assessability of AD premiums to a receipts basis

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