Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 320.180

  (1)   Subsection   (3) applies for the purposes of subparagraph   (b)(i) of the definition of virtual PST life insurance policy in subsection   995 - 1(1) of the Income Tax Assessment Act 1997 , as in force just after the commencement of item   259 of Schedule   1 to the Superannuation Legislation Amendment (Simplification) Act 2007 .

  (2)   Subsection   (3) also applies for the purposes of subparagraph   (b)(i) of the definition of complying superannuation/FHSA life insurance policy in subsection   995 - 1(1) of the Income Tax Assessment Act 1997 , as in force just after the commencement of item   47 of Schedule   7 to the First Home Saver Accounts (Consequential Amendments) Act 2008 .

  (3)   Treat an annuity as having been purchased out of a superannuation lump sum or an employment termination payment, if the annuity was purchased:

  (a)   before 1   July 2007; and

  (b)   out of an eligible termination payment (within the meaning of the Income Tax Assessment Act 1997 , as in force just before the commencement mentioned in subsection   (1) of this section).

Table of sections

320 - 225   Transfer of part of an asset to segregated exempt assets

320 - 230   Transfers of assets to segregated exempt assets