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Wednesday, 20 May 1936

Senator A J McLACHLAN (SOUTH AUSTRALIA) (Postmaster-General) . -If the honorable senator will turn to page 125 ofthe memorandum he will note that section 20 a of the existing act provides - 20 (a) (1) For the purpose of ascertaining the taxable income of a company the principal business of which is-life insurance there shall be excluded from the assessment the following amounts : -

(a)   All premiums received in respect of policies of life insurance and all considerations received in respect of annuities granted and all income derived from any source whether in or outside Australia which, apart from the provisions of this subsection, would not be included in the assessment, and all expenditure exclusively incurred in gaining those premiums or considerations or that income.

The honorable senator will see that the same provision is embodied in somewhat different language in the clause.

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