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Wednesday, 20 May 1936

Senator A J McLACHLAN (SOUTH AUSTRALIA) (Postmaster-General) . - Clause 111 provides -

The assessable income of a life assurance company shall notinclude premiums received in respect of policies of life assurance, or considerations received in respect of annuities granted . . .

That, is quite clear. If clause 112 is read in conjunction with clause 111 it will be seen that they harmonize. The law has always been as is provided in clause 112. Neither the income obtained from premiums, nor the expenditure incurred in obtaining that income, is taken into account. I am informed that these clauses have been drafted in their present form to facilitate the framing of a subsequent portion of this division. The substance of the law is in the two clauses which I have read. The last sentence of clause 111 is included to show the total income upon which the formula provided in clause 113 operates.

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