Commentary

D7.492 General principles

Corporate tax
Corporate tax | Commentary

D7.492 General principles

Corporate tax | Commentary

Transitional provisions

D7.492 General principles

The rules in this division apply for accounting periods beginning on or after 1 January 2013. For accounting periods beginning before 1 January 2013 see Division D7.5.

The introduction of the new rules for taxing life insurance companies from 1 January 2013 requires a mechanism to ensure that no amount falls out of tax or fails to be relieved on transition from the pre-2013 regime to the new regime. In broad terms this is similar to the general tax rule in CTA 2009, Pt 3 Ch 14 that applies to any change of accounting basis

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