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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 320.180

Deferred annuities purchased before 1 July 2007

             (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



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