Commonwealth Numbered Acts

LIFE INSURANCE AMENDMENT ACT 1977 No. 32 of 1977 - SECT 12

12. (1) After section 42 of the Principal Act the following section is
inserted:- Apportionment of receipts and payments between life insurance
business carried on in Australia and outside Australia.
''42AA. Where a company carries on life insurance business both in Australia
and outside Australia and an amount is received or paid partly in respect of
life insurance business carried on in Australia and partly in respect of life
insurance business carried on outside Australia, the company shall, for the
purposes of this Division, apportion the amount in an equitable manner between
life insurance business carried on in Australia and life insurance business
carried on outside Australia.''.

(2) The section inserted in the Principal Act by sub-section (1) does not
apply to or in relation to a financial year of a company that ended before the
commencement of this section.