Commonwealth Consolidated Acts

LIFE INSURANCE ACT 1995 - SECT 203B

    This Division applies, at a particular time, to:

  (a)   an annuity (a tax - exempt annuity ) payable (now or in the future) by:

  (i)   a company that is registered under section   21; or

  (ii)   a body that carries on State insurance, within the meaning of paragraph   51(xiv) of the Constitution;

    if, at that time, the requirements of sections   54 - 20 to 54 - 40 of the Income Tax Assessment Act 1997 are satisfied in relation to the annuity; and

  (b)   a lump sum (a tax - exempt lump sum ) payable (now or in the future) by:

  (i)   a company that is registered under section   21; or

  (ii)   a body that carries on State insurance, within the meaning of paragraph   51(xiv) of the Constitution;

    if, at that time, the requirements of sections   54 - 45 to 54 - 60 of the Income Tax Assessment Act 1997 are satisfied in relation to the lump sum.

Note 1:   The application of this Division to bodies that carry on State insurance is subject to section   5.

Note 2:   Division   54 of the Income Tax Assessment Act 1997 provides a tax exemption for certain payments under structured settlements and structured orders.