Income tax: section 110C of the Income Tax Assessment Act 1936: calculation of exempt income and deductions

Taxation Ruling TR 96/10 explains how a life assurance company calculates the amount of its income which is exempt under section 110C of the Income Tax Assessment Act 1936 (ITAA 1936). TR 96/10 also explains how certain deductions are apportioned.

TR 96/10 is no longer current as section 110C of the ITAA 1936 has been repealed with effect from 1 July 2000 by the New Business Tax System (Miscellaneous) Act (No. 2) 2000 .