Commonwealth Consolidated Regulations

INCOME TAX ASSESSMENT (1997 ACT) REGULATIONS 2021 - REG 26.85.01

    For the purposes of subsection   26 - 85(2) of the Act, the risk component of a premium received in respect of a life insurance policy that is:

  (a)   a term insurance policy; or

  (b)   a rider or supplementary benefit attached to another policy where the sum insured is payable on death within a specified term;

is an amount that is equal to the whole of the amount of the premium.