Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 320.247

Policy split into an exempt life insurance policy and another life insurance policy

When is a part of a policy taken to be an exempt life insurance policy?

             (1)  A part of a * life insurance policy (the original policy ) is taken to be an * exempt life insurance policy for the purposes of this Act if:

                     (a)  the part provides solely for the discharge of the liabilities (contingent or not) in respect of * superannuation income stream benefits that are currently * RP superannuation income stream benefits of a * complying superannuation fund; and

                     (b)  the trustee of the fund holds the original policy.

             (2)  A part of a * life insurance policy (the original policy ) is taken to be an * exempt life insurance policy for the purposes of this Act if:

                     (a)  the part provides solely for the discharge of liabilities that are attributable to the liabilities (contingent or not) in respect of * superannuation income stream benefits that are currently * RP superannuation income stream benefits of * complying superannuation funds; and

                     (b)  the trustee of a * pooled superannuation trust holds the original policy; and

                     (c)  the funds are unit holders of the trust.

What happens to the rest of the policy?

             (3)  If a part of a policy (the original policy ) is taken to be an * exempt life insurance policy under subsection (1) or (2), the rest of the original policy is taken to be another * life insurance policy for the purposes of this Act.



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