Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 54.25

    The * annuity instrument must:

  (a)   identify the * structured settlement or * structured order under which the * annuity is provided; and

  (b)   only allow for payments of the annuity to be made to:

  (i)   the injured person; or

  (ii)   a trustee of a trust of which the injured person is the beneficiary; or

  (iii)   a reversionary beneficiary, or the injured person's estate, in accordance with section   54 - 35; and

  (c)   contain a statement to the effect that the annuity cannot be assigned, and cannot be commuted except as mentioned in section   54 - 35.

Note:   Division   2A of Part   10 of the Life Insurance Act 1995 makes a purported assignment or commutation that is contrary to paragraph   (c) ineffective.