Section DR 1 — Income Tax Act 2007: Policyholder base allowable deduction of life insurer

DR 1 Policyholder base allowable deduction of life insurer Deduction (1) If, but for this section, a life insurer has an amount of policyholder base allowable deduction for an income year and that amount is neither a deduction under this Part nor denied as a deduction under this Part, the amount is a deduction of the life insurer for the income year. No cross-deducting: section EY 2 (2) A policyholder base allowable deduction is not allowed against shareholder base income. Section EY 2 (Policyholder base) deals with allowing policyholder base allowable deductions against policyholder base income, and deals with deductions that relate to the life insurer's schedular income derived by their life fund PIE that is a multi-rate PIE. Link with subpart DA (3) Subsections (1) and (2) override the general permission. Defined in this Act: amount , deduction , general permission , income year , life fund PIE , life insurer , multi-rate PIE , policyholder base allowable deduction , policyholder base income , shareholder base income Section DR 1: substituted, on 1 July 2010, by section 94(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).