Australian Capital Territory Tax (Life Insurance Business) Act 1981 (Cth)
This compilation was prepared on 23 October 2000
taking into account amendments up to Act No. 62 of 1987
The text of any of those amendments not in force
on that date is appended in the Notes section
The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section
Prepared by the Office of Legislative Drafting and Publishing,
Attorney‑General’s Department, Canberra
Contents
This Act may be cited as the
Australian Capital Territory Tax (Life Insurance Business) Act 1981 .
This Act shall come into operation on such date as is fixed by Proclamation.
The
Australian Capital Territory Taxation (Administration) Act 1969 is incorporated and shall be read as one with this Act.
Tax is not imposed in respect of life insurance effected on or after the termination day.
Tax is imposed in respect of all life insurance effected in the Territory after the commencement of this Act, being life insurance in respect of which premiums are received in the Territory by the insurer after that commencement.
The rate of tax is:
(a) in the case of life insurance of the kind known as temporary insurance or term insurance:
(i) where the term of the insurance exceeds 1 year—5% of the premiums in respect of the first year of that term; or
(ii) where the term of the insurance does not exceed 1 year—5% of the premiums in respect of that term; or
(b) in any other case:
(i) where the sum insured exceeds $100 but does not exceed $2,000—10 cents for each $200, or part of $200, of the sum insured; or
(ii) where the sum insured exceeds $2,000—$1, and, in addition, 20 cents for each $200, or part of $200, of the amount by which the sum insured exceeds $2,000.
(1) Tax is not imposed on life insurance:
(a) which relates solely to the life of a person domiciled outside the Territory at the time the insurance is effected; and
(b) in respect of which stamp duty or tax similar to stamp duty has been paid under a law of a State or Territory or the Commissioner of Taxation is satisfied that such a duty or tax will be paid.
(2) Tax is not imposed on life insurance effected by, or relating to the life of, a person who is:
(a) a member of a diplomatic mission in Australia of the government of another country that does not impose tax in respect of life insurance or on premiums received in respect of life insurance or grants in relation to Australia an exemption from any such tax corresponding to this exemption; or
(b) a member of his family forming part of his household;
being a person who is not an Australian citizen and is not ordinarily resident in Australia.
(3) Where a policy of life insurance relates partly to the life of a person the insurance in relation to which is exempt from tax by virtue of subsection (1) and partly to the life of any other person, the tax imposed in connection with that policy shall be reduced by such amount as, in the opinion of the Commissioner of Taxation, is attributable to the insurance relating to the first‑mentioned life.
(4) In this section, a reference to the life of a person includes a reference to the lives of 2 or more persons.
The
Act | Number and year | Date of Assent | Date of commencement | Application, saving or transitional provisions |
128, 1981 | 30 Sept 1981 | 1
Oct 1981 ( | ||
62, 1987 | 5 June 1987 | S. 59: 1 Aug 1987 ( | S. 58 |
(a) TheAustralian Capital Territory Tax (Life Insurance Business) Act 1981 was amended by section 59 only of theTaxation Laws Amendment Act (No. 2) 1987 , subsection 2(8) of which provides as follows:
(8) Part VIII shall come into operation on a day, or respective days, to be fixed by Proclamation.
am. = amended rep. = repealed rs. = repealed and substituted | |
Provision affected | How affected |
S. 3A.................................... | ad. No. 62, 1987 |
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