Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies to a * life insurance company in respect of * life insurance policies where the company's liabilities under the policies are to be discharged out of * complying superannuation assets.
(2) The company can deduct:
(a) the amounts of the * life insurance premiums received in respect of the policies that are transferred to its * complying superannuation assets in the income year;
less:
(b) so much of those amounts as relate to the company's liability to pay amounts on the death or disability of a person.
(3) For the purposes of subsection (2) only, the amount of a * life insurance premium that relates to the company's liability to pay amounts on the death or disability of a person is:
(a) if the policy provides for * participating benefits or * discretionary benefits--nil; or
(b) if paragraph (a) does not apply and the policy states that the whole or a specified part of the premium is payable in respect of such a liability--the whole or that part of the premium, as appropriate; or
(c) if neither paragraph (a) nor (b) applies:
(i) if the policy is an * endowment policy--10% of the premium; or
(ii) if the policy is a * whole of life policy--30% of the premium; or
(iii) otherwise--so much of the premium as an * actuary determines to be attributable to such a liability.