Commentary

D7.5129 Introduction

Corporate tax
Corporate tax | Commentary

D7.5129 Introduction

Corporate tax | Commentary

Long-term business that is not life insurance

D7.5129 Introduction

The rules in this division apply for accounting periods beginning before 1 January 2013. For accounting periods beginning on or after 1 January 2013 see Division D7.4.

The special rules in ICTA 1988, Pt 12 Ch 1 (ss 431–458A) and FA 1989, ss 82–90A apply only to life insurance business. However many companies write other types of insurance which fall within the definition of long-term business although they are not classified as life insurance business because they do not depend on human mortality.

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